KARACHI, Feb 1: Selective buying figured prominently on banking and oil shares on Wednesday as reports of higher dividend and bonus shares did not allow investors to keep to the sidelines and they rode the bandwagon.

Although the KSE 100-share index failed to sustain the early run-up on late selling, it ended with an extended gain of 76.29 points at 11,348.62 after having hit the session’s high of 11,393.66 points. The KSE 30-share index rose by 147.19 points at 14,347.23.

Volume figure soared to new high of 390m shares after several months and reflects that dividend-linked buying support is expected to manifest itself in a bigger way during the sessions to come.

Bank of Punjab maintained its upward drive on rumors of bonus shares, National Bank, MCB, Pakistan Petroleum and some other followed them and finished with extended gains. Some of them ended around their upper locks under the lead of MCB, and Pakistan Petroleum.

But a leading analyst fears that the run-up based on massive leveraging is a double-edged weapon, which could work on both sides of the market any time.

CFS figure, which has touched the high mark of Rs49 billion, warns investors to have an overview of their portfolio inventories before making fresh commitments, he said.

Some others also hold the same view saying the weakness of the broader market after a sustained run-up throughout the last month also points to a correction long overdue.

Minus signs, therefore, dominated the list under the lead of some MNCs, notably Clariant Pakistan and Nestle Pakistan, off Rs10.75 and Rs58, respectively. They were followed by Arif Habib Ltd, Arif Habib Securities, Pakistan Resource Insurance, Sapphire Fibre, HinoPak, Clover Pakistan, Sanofie-Aventis and Pakistan Cable, off by Rs4.40 to Rs9.95.

Prominent gainers were led by Rafhan Maize rose by Rs55, while Unilever Pakistan, which came out with a final dividend of 114 per cent was quoted higher by Rs50.

Other notable gainers included Jahangir Siddiqui and Co, Allied Bank, Bank of Punjab, MCB, United Sugar, Rafhan Bestfoods, Pakistan Petroleum and Wyeth Pakistan, which rose by Rs4.20 to Rs35.

Turnover figure rose to 389.464m shares from 298m shares a day earlier but losers held a strong lead over the gainers at 170 to 120, with 50 shares holding on to the last levels.

Bank of Punjab led the list of actives on rumors of bonus shares, up Rs4.20 at Rs119.10 on 60m shares followed by OGDC, higher by Rs1.75 at Rs126.25 on 57m shares, Fauji Fertiliser Bin Qasim, firm by Rs1.25 at Rs32.40 on 38m shares, National Bank, higher by Rs5.60 at Rs284.90 on 30m shares, PTCL, lower by Rs1.15 at Rs54.10 on 25m shares, Pakistan Petroleum, higher by Rs6.85 at Rs264.10 on 24m shares, and MCB, higher by Rs7.55 at Rs305.50 on 14m shares.

Other actives were led by Bank Alfalah, firm by 90 paisa on 14m shares, Pakistan Oilfields, up Rs2.70 on 10m shares and PICIC, steady by 20 paisa also on 10m shares.

FORWARD COUNTER: Bank of Punjab also led the list of actives on this counter, up Rs3.75 on 13m shares followed by OGDC, higher by Rs2.15 at Rs127.10 on 11m shares and National Bank, higher by Rs5.80 at Rs286.70 on 11m shares.