KARACHI, Feb 23: Stock market on Friday finished with an extended gain aided by renewed buying in the leading bank and cement shares as investors were not inclined to miss an attractive bait of capital gains. The KSE 100-share was up by another 65 points at 11,608.00.

A final cash dividend of 15 per cent plus bonus shares of an identical amount by MCB Bank was in line with analyst predictions but its share value already well over Rs300-level showed only a modest rise of Rs1.60 at Rs313.

Unlike the previous sessions, there was no price flare-up in any of the shares whose board meetings are due as investors mostly played safe owing partly to weekend considerations.

The KSE 100-share index closed with an extended gain of 64.86 points at 11,607.84 points as compared to 11,542.98 a day earlier, reflecting the strength of leading base shares.

Analysts said weekend closure on the higher side could well prove a prelude to another run-up next week as dividend announcements due before the month is out are said to be well above any of the predictions currently being made by the well-informed ones.

Bank, oil and cement shares whose board meetings are due are expected to reinforce investor perceptions of future robust market and higher capital gains, they said.

All eyes are now focused on board of meetings of National Bank, Allied Bank and some others. What seems to have triggered speculative buying in them is talk of higher bonus shares in addition to a cash dividend as leading analysts have found some cue about the size of payouts.

Although the board meeting of the National Bank on Saturday, its accounts will not be released before Monday but those who have found “insider leaks” are holding it well above Rs280 per share for the last about two weeks. At one stage it soared to over Rs300.

MCB on the other hand maintained a handsome premium over it as it was steadily rising toward its new peak level of Rs320 followed by talk of higher final dividend in addition to bonus shares.

Allied Bank recently rode the bandwagon with them amid reports of higher payouts and has risen to its new peak level around Rs124.

PSO top the list of gainers on post-dividend support and rose by Rs15.25 followed by Nestle Pakistan, up by Rs13.90. EFU Life, Mari Gas, Millat Tractors, ICI Pakistan, Bank of Punjab, AKD Securities and Grays of Cambridge were other among the gainers, up by Rs4 to Rs9.50.

Losers were led by United Bank, Shezan International, Gillette Pakistan, HinoPak Motors, Berger Paints, Sanofi-Aventis, Treet Corporation and Colgate Pakistan, which suffered fall ranging from Rs5 to Rs17.

Trading volume rose to 217m shares from the previous 177m shares but losers held a modest edge over the gainers at 144 to 134, with 36 shares holding on to the last levels.

Bank of Punjab topped the list of actives, higher by Rs4 at Rs128.40 on 32m shares followed by OGDC, steady by 80 paisa at Rsl122.80 on 15m shares, Fauji Fertiliser Bin Qasim, firm by 55 paisa at Rs32.60 on 14m shares, D.G. Khan Cement, Rs1.90 at Rs82.25 on 12m shares, National Bank higher by Rs1.95 at Rs287.10 on 11m shares, MCB, up by Rs1.60 at Rs313 on 10m shares and PTCL, up by Rs1.35 at Rs56.85 also on 10m shares.

Other actives were led by Callmate Telips, off Rs2.60 on 11m shares, followed by Pakistan Petroleum, lower by 15 paisa also on 11m shares and Bank Alfalah, up by 35 paisa on 11m shares.

FORWARD COUNTER: MCB led the list of actives, easy by 10 paisa at Rs308 on 7m shares followed by OGDC, up by 90 paisa at Rs124 also on 7m shares and National Bank, up by Rs2.10 at Rs288.41 on 6m shares.