KARACHI, Feb 26: Stocks on Thursday rose further across a broad front on active follow-up support aided by higher dividend and bonus share announcements by some leading companies, notably from the banking sector.

But most of leading retailers remained conspicuous by their absence as no one among them was inclined to take even the calculated risks in a highly volatile market.

"The price movements are beyond our sustaining capacity, the extent of losses and gains could turn many of us paupers if any one tried to ride the bandwagon", says a retailer.

After making several abortive efforts to stay above the 4,800-point level, the KSE-100 share index finally managed it to breach through the barrier on strong dividend-related buying support. It ended with a fresh rise of 12.53 points at 4,809.52 as leading base shares tended further higher amid either-way movements.

However, an active pre-dividend selling by a section of leading investors in Hub-Power restricted the market's gain and so did the index upward drive. A lot of speculation is linked to an interim dividend by the management of Hub-Power in its board meeting and the current sharp fall indicate big players are pushing its price lower to cover position before the announcement of the payout, brokers said.

A spate of good dividend and bonus shares is following in quick succession and investors are not that fool to stay on the sidelines and miss the lure of sure capital gains.

Just on the heels of a 20 per cent cash and 10 per cent bonus shares by the Faysal Bank, Pakistan Telecommunications (PTCL) came out with an interim EPS of Rs2.6 per share on the strength of higher revenue during the second half of the current year, brokers said.

Analysts said the market is expected to maintain its current upward drive as board meetings of some of the leading companies are due before the month is out and some of them may announce higher interim dividend.

"With carryover rates being lower well below the double figure,investors and bargain-hunters have more than one reasons to stay on the market as no one among them will like to miss an attractive bait of capital gains", they said.

Plus signs dominated the list under the lead of Atlas Battery, Millat Tractors, Unilever Pakistan, Fateh Textiles and Arif Habib, which posted gains ranging from Rs8.20 to Rs30.60 followed by Javed Omer, Gatron Industries, Attock Refinery, Pakistan Oilfields, Clariant Pakistan and some others, which rose by Rs4 to 5.

Losers were led by Pakistan Cables, Nestle MilkPak, Siemens Pakistan, Pakistan Cables and IGI Insurance, off Rs6.50 to Rs11.70. Other notable losers being Burewala Textiles, Pakistan Refinery, Exide Battery, Dreamworld, Colgate Pakistan and Island Textiles, off Rs2.90 to 4.10.

Trading volume rose further to 265m shares from the previous 231m shares as the advancing shares forced a strong lead over the losers after the three lean sessions at 189 to 141, with 48 shares holding on to the last levels.

PTCL topped the list of actives on active support triggered by reports of higher interim earnings, up by 30 paisa at Rs39.90 on 67m shares, followed by OGDC, higher by 90 paisa at Rs51.20 on 38m shares, Hub-Power off 75 paisa at Rs37.65 on 29m shares, ICP SEMF, higher 65 paisa at Rs49.75 on 13m shares, PIAC, lower 35 paisa at Rs24.80 on 10m shares, PSO, up 40 paisa at Rs290.05 on 9m shares and Pakistan Oilfields, higher by Rs4.35 at Rs204.85 on 7m shares.

Other actives were led by KESC, firm by 10 paisa on 7m shares, Sui Northern Gas, off 20 paisa on 6m shares and D.G.Khan Cement, lower 35 paisa on 5m shares

FORWARD COUNTER: Hub-Power also came in for active selling on the forward counters and fell by an off fall of 73 paisa at Rs67.65 on 6m shares followed by PTCL, up by 30 paisa at Rs39.85 also on 6m shares, PSO, higher by also an odd rise of 61 paisa at Rs290.05 on 2m shares, FF Bin Qasim, steady by one paisa at Rs.19.60 also on 2m shares and Pak PTA, up 15 paisa at Rs17.35 on 1m shares.