KARACHI, Aug 15: Trading on the stock market on Tuesday resumed on a cheerless note, as leading investors remained conspicuous by their absence despite a higher final payout of 37.5 per cent by Oil and Gas Development Corporation. The KSE index shed another 89 points at 10,317.41.

An idea of sluggishness may well be had from the fact that trading volume fell below 100m at 71m shares, as leading investors just marked time amid alternate bouts of buying and selling but did not make fresh commitments even on the blue chip counters at the attractively lower levels.

Above analyst predictions final payout of 37.5 per cent by oil giant OGDC failed to boost trading on the stock market, as investors seem to be worried over some other negative developments on the political front and most of the time adhered to the sidelines in light volume.

Having a massive weightage of 22 per cent in the KSE 100-share index, OGDC should have put it back on the rails after last week’s persistent decline but it added to its previous loss. It was marked down by another 88.99 points at 10,317.41 as compared to 10,406.40 last week.

The final payout of 37.5 per cent by OGDC, making the total for the financial year ending June 30 to 90 per cent as it has already paid three interims of 52.5 per cent, was on the higher side of analysts’ prediction but it failed to enthuse investors.

Its EPS at Rs44 should have taken it share value to around Rs150 but it ended with an extend fall of Rs1.65 at Rs133.25 on a volume of 8m shares. Its share value followed the post-dividend line of other oil giants, including PSO and Shell Pakistan, as despite higher payouts their share values suffered sharp setback, analysts said.

“There is a loud whispering in the market that a section of leading brokers may have inside information about the payout prior to the official announcement and push their prices up and then indulge in post-dividend selling at the highly inflated levels,” says a leading analyst adding. “Small investors follow them in panic and big ones grab the entire floating stocks at the dips.”

He said small investors had been at the receiving end after regular intervals decided by big ones since March 2005 market crash and had lost billion of rupees in the process as most of the corrective steps had failed to arrest speculative activity.

But he doesn’t think they could keep their prices of oil giants at the current lower levels, they are bound to rebound on the strength of their payout and lower values.

Minus signs again dominated the list under the lead of Arif Habib Security and Wyeth Pakistan, off Rs7.05 and Rs25, respectively, followed by Javed Omer, National Bank, Clariant Pakistan, Pakistan Hotels, Jahangir Siddiqui & C0, and Pakistan Oilfield, off Rs3.90 to Rs6.75.

Among prominent gainers, Rafhan Bestfoods and Dawood Hercules were leading, which managed to finish higher by Rs6 to Rs8.90. They were followed by Atlas Insurance, Central Insurance, Bolan Castings, Colgate Pakistan, and National Foods, which posted gains ranging from Rs4.50 to Rs5.20.

Trading volume fell to a lowest level for the last two months at 71.273m shares, as losers maintained a strong lead over gainers at 180 to 86, with 35 shares holding on to the last levels.Apart of OGDC, the active list was topped by DG Khan Cement, lower 45 paisa at Rs93.55 on 6m shares, National Bank, off Rs3.95 also on 6m shares, PTCL, easy 70 paisa at Rs42.70 on 4m shares, Pakistan Petroleum, off one rupee at Rs244.50 also on 4m shares, Pakistan Oilfields, off Rs6.75 at Rs356.25 on 3m shares and MCB, lower Rs3.50 at Rs222 also on 3m shares.

Other actives were led by Dewan Salman, lower 30 paisa on 4m shares, Fauji Fertiliser Bin Qasim, off 70 paisa on 3m shares and Union Bank, up 25 paisa on also on 3m shares.

FORWARD COUNTER: OGDC also came in for selling on the cleared list and was quoted lower by Rs1.80 at Rs133.85 on 3m shares followed by Pakistan Petroleum, easy by Rs1.50 at Rs245 on 2m shares, and National Bank, off Rs3.40 at Rs229 also on 2m shares.

Others, which came in for modest trading were led by Pakistan Oilfields, lower Rs6.25 at Rs358 on 1m shares and PTCL, easy 55 paisa at Rs42.75 also on 1m shares.

DEFAULTER COS: Trading activity on this counter also remained dull in the absence of active support. Price changes were mostly fractional. Norrie Textiles, however, came in for active selling and fell by 40 paisa at Rs1.75 on 0.368m shares.

DIVIDEND: Pakistan Tobacco, interim at the rate of 30 per cent; Pakistan Services, final 10 per cent, interim 15 per cent already paid; Tri-Star Polyester, nil.

BOARD MEETINGS: Tri-Star Polyester on Aug 18; Nestle Pakistan on Aug 22; Pakistan Reinsurance Company, MCB Bank, Pakistan Papers on Aug 24; and Tri-Pack Films, on Aug 29.