KARACHI, Sept 15: Stocks on Monday took a technical breather and turned mixed on late selling linked to higher badla rates in some of the blue chips under the lead of Pakistan Oilfields, which witnessed heavy post-dividend liquidation.

However, the broader market, notably those shares whose board meetings are due during the next couple of sessions, performed well thanks to steady inflow of investment buying aided by reports of higher corporate earnings.

The opening was higher on early support ahead of board meeting of Pakistan Oilfields and market talk of higher final dividend. The KSE 100-share index hit the day’s best bid at 4,642.46 but late selling pushed it down to finish off 10.97 points at 4,593.05 as compared to weekend 4,604.02.

A cash dividend of 75 per cent and bonus shares at the rate of 60 per cent by Pakistan Oilfields was on well above the analysts predictions and lifted its share value to Rs486.75 at one stage.

But post-dividend selling by some leading institutional traders who apparently preferred capital gains to dividend yields pushed its share value down to Rs420 on a large volume of 58m shares. Its board had already paid an interim dividend of 100 per cent, total being 175 per cent plus 60 per cent bonus shares, a fair return on investment on a 10-rupee shares.

About two billion rupees interim profit by the National Bank of Pakistan was on the higher side of the analysts predictions and was well-received in the market as was reflected by share increase in the EPS to Rs4.75.

Floor brokers said reports from the LFO front are not that encouraging ahead of government-MMA final meeting tomorrow in the backdrop of conflicting statements by the both on the contentious issues.

Those who are convinced that agreement between the both is not possible if their respective rigid stand are taken into consideration sold in a haste fearing a protracted standoff and those hoping against hopes kept to the sidelines, they said.

But what worried general investors was selling by some leading institutional traders, which in their opinion could lead to the exit of the weakholders.

Big gainers were led by Treet Corporation, Unilever Pakistan, Arif Habib Securities, Nestle MilkPak and Wyeth Pakistan, up Rs17.05 to Rs32.50 followed by Jahangir Siddiqui & Co, Shafiq Textiles, Atlas Honda, Indus Motors, Pakistan Cables, Pak-Suzuki Motors, Al-Ghazi Tractors and Clover Pakistan, which posted gains ranging from Rs6.25 to Rs12.25.

Prominent losers were led by Javed Omer, off Rs44.20 followed by Gatron Industries, Glaxo-SKF, Attock Refinery, Millat Tractors, Pakistan Refinery, and Pakistan Oilfields, which suffered fall ranging from Rs4 to Rs16.05.

Trading fell to 390m shares from the previous 442m shares at the weekend though losers maintained a slight edge over the gainers at 184 to 181, with 48 shares holding on to the last levels.

Pakistan Oilfields topped the list of most actives, off Rs16.05 at Rs420 on 58m shares followed by Lucky Cement, firm by 30 paisa at Rs26.20 on 32m shares, PSO, higher by Rs7.30 at Rs308.30 on 29m shares, National Bank, up Rs1.15 at Rs49.15 on 24m shares and D.G. Khan Cement, easy 15 paisa at Rs45.95 on 22m shares.

Other actives were led by Bosicor Pakistan, higher by 60 paisa on 22m shares, Fauji Cement, unchanged on 17m shares, Hub-Power, off 55 paisa on 15m shares and Maple Leaf Cement, up 60 paisa on 14m shares.

FORWARD COUNTER: PSO came in for active support and rose by Rs4.20 at Rs301.80 on 7m shares followed by PTCL, easy 30 paisa at Rs39.60 on 4m shares, hub-Power, lower 45 paisa at Rs43 on 3m shares and ICI Pakistan, unchanged at Rs91 on 1.325m shares.