KARACHI, Aug 1: Stocks on Tuesday turned mixed as oil giants ran into profit-selling at the highly inflated levels and dragged down some other pivotals along with them in the minus column but the underlying sentiment remained uppishly inclined.

Dividend announcements by some of the leading shares, notably Lakson Tobacco, cash 125pc plus bonus shares of 20pc, second interim of 20pc by Fauji Fertiliser and 66.66pc bonus shares by Arif Habib Securities were on the higher side of the analyst predictions and had a positive impact on the broad market under the lead of National Bank and MCB, which resumed their upward drive.

After early run-up on active follow-up support, the market finished well below the session’s highs on late profit-selling on the blue chip counters.

The KSE 100-share index crossed the barrier of 10,500 and finished at 10,507.09, up 9.46 points from a day earlier indicating that it could resume its upward drive after the current technical breather. It touched the session’s high at 10,590.50 and the lowest at 10,433.96, showing a wide erratic movement of about 160 points.

The market advance was again led by the leading oil shares, whose board meetings are due during the current week, notably PSO, whose board will meet on Aug 3 amid market talk of a higher payout.

Among the leading bank shares, both National Bank and MCB resumed their upward drive aided by reports of higher corporate earnings, of course, after having absorbed the negative impact of the recent central banks steps including increase in discount rate to 9.5pc.

Pakistan Petroleum, Pakistan Oilfields and some others also remained in active demand ahead of their board meetings. But OGDC among them was outstanding followed by reports that over three dozen foreign companies have shown interest in it after roadshows in London and New York. Its GDR is expected to be floated in October this year.

Later in the session, oil shares came in for active profit-selling at the inflated levels and ended lower under the lead of Pakistan Petroleum.

Cement shares joined the rally after the Lahore High Court verdict allowing the producers not to reduce prices by Rs60 per bag as demanded by the MCA and end the cartel.

In the coming sessions, this sector is expected to assume a pivotal role partly because of perception of higher consumption and exports and partly to lower prices at which most of them are ruling, brokers said, adding “potential of capital gains in them is enormous”.

Leading gainers were led by Colgate Pakistan and Siemens Pakistan, up by Rs19 and Rs24, followed by Rafhan Bestfoods, Pakistan Refinery, PSO, which rose by Rs10 to Rs13.60. Engro Chemical, Security Papers, National Bank and AKD Securities also rose by Rs5.40 to Rs8.50.

Prominent losers were led by EFU Life Insurance and Shell Pakistan, off Rs10 and Rs15. Dawood Hercules, Pakistan Hotels, Pak-Suzuki Motors, Clover Pakistan, Javed Omer, Pakistan Petroleum, International Industries and Pakistan Oilfields followed them, off Rs5 to Rs9.45.

Trading volume rose to 235m shares from the previous 155m shares but losers held a comfortable lead over the gainers at 153 to 101, with 34 shares holding on to the last levels.

National Bank led the list of actives, sharply higher by Rs5.10 at Rs231.50 on 33m shares followed by D.G. Khan Cement, up by Rs3.80 at Rs100.45 on 30m shares, OGDC, lower Re1 at Rs142.70 after hitting the peak of Rs145.35 on 29m shares, Pakistan Petroleum, off Rs5.45 at Rs256.60 on 19m shares, MCB, higher by Rs5.50 at Rs228.25 on 18m shares, PTCL, up by Rs1.35 at Rs43 on 17m shares and PSO, sharply higher by Rs13.35 at Rs378 ahead of its board meeting on Aug 3 on 8m shares.

Other actives were led by Lucky Cement, up by Rs1.75 on 7m shares, Pakistan Oilfields, off Rs9.45 also on 7m shares and Dewan Salman, easy 15 paisa on 6m shares.

FORWARD COUNTER: National Bank also led the list of actives on this counter, up by Rs6.35 at Rs233.85 on 7m shares followed by Pakistan Petroleum, lower Rs5.60 at Rs258.45 on 6m shares, OGDC, easy by Rs1.05 at Rs143.60 also on 6m shares.