KARACHI, Oct 27: Higher dividend announcements by some of the leading companies including OGDC and Fauji Fertilizer on Wednesday limited the market fall but the underlying sentiment was still shaky in the absence of strong institutional support.

Signs of overnight nervousness caused by a massive decline were still there but a section of leading investors managed to cash in on the higher payouts by some of the leading companies. The direction of the market was still unclear.

The KSE 100-share finished with an extended fall of 6.93 points at 5,383.42 as compared to 5,390.35 a day earlier but after having broken the barrier of 5,400 earlier on the strength of encouraging payout by OGDC and Fauji Fertilizer.

While the former declared an interim dividend of 15 per cent, EPS being Rs1.74, the latter came out with a cash dividend of 40 per cent and EPS being Rs10.48.

Institutional investors may still not have tuned their exposure limits to the level demanded by the central bank, the bait of an attractive capital gains in the backdrop of Tuesday's sell-off did not allow them to sit on the sidelines and most of them turned bull overnight, brokers said.

All eyes remained focused on the first quarter results of Oil and Gas Development Corporation (OGDC) whose board was in meeting as a formidable section of leading investors and institutional traders extended their stake in it at the overnight decline.

The general perception is that its interim profits are expected to be on the higher side because of steep increase in world oil prices but whether or not it announces an interim dividend is unclear till the closing bell, analysts said. However, EPS is predicted around Rs1.5 to Rs1.6.

Barring PIAC, which reported first quarter loss owing to higher oil prices, all others whose board met on Tuesday including Shell Pakistan, Millat Tractors, Bank of Punjab and Askari Bank reported higher after tax profit.

But Askari Bank failed to sustain its recently attained peak level above Rs90 on active selling followed by rumours that it may announce right share instead of earlier rumoured bonus issue, brokers said.

Despite sharp decline in PTCL share value on Tuesday followed by rumours of a massive fall in its sales for the first quarter, investors covered positions in it ahead of its board meeting on Thursday.

Although minus signs dominated the list some of the leading shares managed to finish further higher, major gainers among them being Pakistan Engineering, Ferozsons Lab, Shezan International, Berger Paints, Millat Tractors, National Foods, Artistic Denim, and International Industries, up by Rs4.50 to Rs9.95.

Losers were led by Valika Fabrics, Murree Brewery, Arif Habib Securities, National Refinery, Siemens Pakistan, EFU Life, Wyeth Pakistan and Atlas Honda, off Rs3.50 to Rs9.50.

Trading volume fell to 180m shares as losers maintained a fair lead over the gainers at 179 to 100, with 37 shares holding on to the last levels.

The most active list was topped again by OGDC, up 10 paisa on 44m shares followed by Fauji Fertilizer Bin Qasim, higher by 15 paisa at Rs21.05 on 27m shares, PTCL, unchanged at Rs38.60 on 16m shares, Fauji Fertilizer, sharply higher by Rs3.50 at Rs115.75 on 13m shares and Askari Bank, off Rs2.15 at Rs85.10 on 7m shares.

Other actives were led by TRG Pakistan, off Re1 on 9m shares, Nishat Mills, unchanged also on 9m shares, D.G.Khan Cement, lower 50 paisa on 5m shares, National Bank, up by 20 paisa on 4m shares and Pak PTA, lower 20 paisa also on 4m shares.

FORWARD COUNTER: OGDC came in for active support during the post-dividend trading but showed an odd rise of 14 paisa at Rs66.69 on 12m shares followed by PPL October contract, off 97 paisa at Rs118.75 on 8m shares and OGDC, November contract, up by six paisa at Rs67.20 also on 8m shares, and PTCL November settlement, up by three paisa at Rs38.90 on 4m shares. Odd price changes in the pivotals reflect a cap on fresh buying at the prevailing odd rates.