KARACHI, Jan 30: The KSE 100-share index on Wednesday briefly crossed the psychological barrier of 1,600 points on fresh strong buying in the leading base shares of Hub-Power and PTCL, but late selling at the higher levels pushed it down to finish with a clipped gain.

After breaching through the barrier of 1,600 at 1,603, it fell to finish at 1,593.11, on late selling in some of the pivotals. The net rise over the day was 12.84 points.

“The news from the privatization front were quite encouraging as along with PSO, KESC is also being sold by the end of June,” stock analysts said, adding “but what added to the bullish fire in PSO was reports that it has again secured oil supply contract from Wapda.”

A one-per cent cut in export refinance rates was also welcomed by the investors as it could give the needed push to both the exports and the industrial productivity, brokers said.

But a final cash dividend of 35 per cent for the last year, making the total to 75 per cent by Engro Chemical seems to have failed to find positive response from the investors as most of them were excepting bonus shares of about 15 per cent. Last year it has paid 70 per cent cash and 15 per cent bonus shares. As a result, earning per share also declined to Rs7.65 from Rs8.10 a year ago.

Fall in net income to Rs1.064 billion from the previous Rs1.126 billion triggered selling in its share value, pushing it down by Rs3.45 at Rs60.10 on 10.494m shares. It has been in strong demand during the sessions preceding the board meeting and has risen to Rs64.20 at one stage.

BOC Pakistan on the other hand reacted bullishly to an interim dividend at the rate of 70 per cent for the year ended Dec 31, 2001 on after-tax profit of Rs68.178 million and rose by Rs7 at Rs100.50.

The broader market on the other hand maintained its upward drive as more shares, notably the low-priced ones came into trading and generally ended higher.

Plus signs again dominated the list, major gainers among them being PSO, Shell Pakistan and Lever Brothers, rising by Rs3.50 to 12. Other good gainers included Knoll, Cherat Papers, Dewan Sugar, Pakistan Tobacco, National Refinery, Al-Ghazi Tractors, Alico, New Jubilee Insurance, and many others, rising by Rs1.35 to Rs1.90.

Losers were led by Muslim Insurance, Pakistan Oilfields, Millat Tractors, Johnson and Philips, Gulistan Textiles and Bawany Air, off one rupee to Rs2.

Trading volume further rose to 234 million shares as advancing shares maintained a strong lead over the losers at 164 to 60, out of 273 actives.

Hub-Power topped the list of most actives, firm by five paisa at Rs22.70 on 66m shares followed by PTCL, unchanged at Rs17.70 on 52m shares, Sui Northern, easy five paisa at Rs12.25 on 14m shares, D.G. Khan Cement, up 80 paisa at Rs12.65 on 14m shares and Dewan Salman, higher 50 paisa at Rs15.35 on 12m shares.

Other actives were led by PSO, up Rs3.50 on 10.740m shares, Engro Chemical, off Rs3.45 on 10.494m shares, MCB, up 75 paisa on 7.688m shares. Lucky Cement, easy five paisa on 6.852m shares and FFC-Jordan Fertiliser, unchanged on 5.920m shares.

NATIONAL BANK: National Bank came in for modest selling and ended lower by 15 paisa at Rs14.90 on a million shares. It touched the highest and the lowest at Rs15.25 and Rs14.85, respectively.