KARACHI, Aug 17: Stocks on Thursday failed to extend the overnight run-up as follow-up support turned shy despite above the expectation final dividend of 55 per cent by Pakistan Petroleum, but there were buyers at the dips.

As the dividend season is about to end, investors are in two minds about their future line of action, which seems to have caused a short technical pause, brokers said.

After rising by about 100 points, what the dealers called, an extension of the overnight rebound, the KSE 100-share, finished with a modest decline of 19.46 points at 10,557.25 as compared to previous 10,576.71. The session’s lowest and the highest levels were touched at 10,522.42 and 10,642.56 respectively.

Fractional price changes in most of the leading market leaders reflected an intriguing pause, which could work both ways of the fence in the coming sessions, a leading analyst Faisal Abbas said.

Pakistan Petroleum, for instance, which announced a final cash dividend of 55 per cent or Rs5.50 per share, which makes the total to 90 per cent as it has already paid an interim of 35 per cent and EPS Rs19.54, shed only five paisa.

Other leading shares, notably OGDC and PTCL fell by 20 and five paisa, while MCB managed to finish with a gain of 20 paisa. But Pakistan Petroleum could attract a lot of post-dividend buying at the current lower levels and rose to its pre-reaction level of Rs300 plus.

Among the top oil shares whose dividend is due to be announced shortly, Pakistan Oilfields is left in the arena and analysts said it could come out with final payout of above 90 per cent.

“But investors’ chief worry appears to be rumours about the lifting of ban on short-selling on the forward counter and the no-confidence move against the prime minister on Aug 23,” he said, adding “those who know that the dividend season is almost in the fading stages they think twice before making fresh commitments”.

Analyst Ahsan Mehanti believes despite the prevailing uncertainty on the political front linked to no-confidence move against the prime minister, the broader market has other positive fundamentals on which it could base its future line of action.

Among the leading gainers, Pakistan Oilfields and Wyeth Pakistan were leading, up by Rs8.90 and Rs35, while losers were led by Pakistan Services and Shell Pakistan, off Rs19.75 and Rs21.

Trading volume showed fresh modest increase at 190m shares as compared to previous 177m shares but losers held a comfortable lead over the gainers at 157 to 118, with 34 shares holding on to the last levels.

Pakistan Petroleum topped the list of actives, easy by five paisa at Rs256.25 on 25m shares, followed by OGDC, lower by 20 paisa at Rs137.15 on 19m shares, MCB up by 20 paisa at Rs228.20 on 17m shares, Pakistan Oilfields, higher by Rs8.90 at Rs382.95 on 16m shares, National Bank, off Rs2.95 at Rs232.90 on 14m shares and PTCL, easy by five paisa at Rs44.70 on 7m shares.

Other actives were led by D.G. Khan Cement, up by 95 paisa on 15m shares followed by Bank of Punjab, off Rs1.10 on 9m shares, Fauji Fertiliser Bin Qasim, up by 55 paisa on 7m shares and PICIC, higher by Rs1.15 at Rs58 on 6m shares.

FORWARD COUNTER: Pakistan Petroleum came in for active post-dividend selling and was marked down by Re1 at Rs256.20 on 10m shares, Pakistan Oilfields, higher by Rs6.60 at Rs382.50 on 7m shares and OGDC, lower 30 paisa at Rs137.85 on 5m shares.

MCB followed them, up by 50 paisa at Rs229 on 4m shares and National Bank, off Rs3.60 at Rs233.20 also on 4m shares.

DEFAULTER COS: Crescent Standard Bank came in for active selling at the higher level and was quoted lower by 45 paisa at Rs4.20 on 0.157m shares, while on other hand Norrie Textiles rose by 50 paisa at Rs3 on 0.234m shares. Others were modestly traded amid light volume.