KARACHI, Sept 28: Stocks on Friday maintained an uppish leaning as both sellers and buyers mostly kept to the sidelines and did not indulge in speculative trading apparently awaiting apex court ruling on the petition on president’s dual office after Juma prayers.

On Friday the market is closed at 12 pm, while the Supreme Court verdict was to be announced late in the evening.

The brokers and members were tuned to their TV sets after Juma prayers awaiting the ruling on the perception that it would have a strong either-way bearing on the future stock trading.

And how they view the ruling will be known on Monday when trading resumes and it will be fully reflected in the price pattern and the index level, said a leading analyst. But others said if the ruling favours general Musharraf it will be well-received in the market.

The KSE 100-share index gained another 23.66 points at 13,351.79 as compared to 13,328.13 a day earlier as some of the leading base shares, notably OGDC, PTCL, Lucky Cement and some others managed to close with fresh modest gains.

Opinions about the Supreme Court verdict were divided in the backdrop of observations made by the honourable judges during the hearing of petition on the issue and arguments in favour and against it, but investors were not inclined to jump to any conclusion and played safe throughout the dull trading session.

“There was a loud whispering in the market that the legal battle between the contenders of power may not be over after the court ruling and the proposed resignations by the opposition members of the assemblies and dissolution of the Frontier Assembly could create new legal issues for the president if he is reelected,” they fear.

The future direction of the market will be clear after the current constitutional issues are resolved and investors found a fresh cue to financial policies, some others said.

Among the top gainers, Shezan International and Siemens Pakistan were leading, up by Rs14.35 and Rs80, followed by Adamjee Insurance, Central Insurance, EFU General, Lakson Tobacco, Attock Petroleum, Al-Ghazi Tractors, Sanofi-Aventis, Cherat Papersack, National Foods and Shezan International, which posted gains ranging from Rs9.05 to Rs14.10.

Losers were led by Wyeth Pakistan and Pakistan Services, off by Rs35 and Rs27 respectively. Other notable losers included Javedan Cement, Bhanero Textiles, National Refinery, JS & Co, Bata Pakistan and Unilever Pakistan, which were marked down by Rs5.50 to Rs35.

Trading volume to 164m shares from the previous 189m shares but gainers again held a modest lead over the losers at 155 to 142, with 35 shares holding on to the last levels.

The active list was topped by WorldCall Telecom, up by 30 paisa at Rs20.70 on 18m shares followed by Fauji Fertiliser Bin Qasim, steady by 40 paisa at Rs44.30 on 11m shares, PTCL, higher by Rs1.70 at Rs52.50 on 9m shares and D.G. Khan Cement, unchanged at Rs110 on 7m shares.

Fauji Cement, lower 15 paisa at Rs18.35 also on 7m shares, Adamjee Insurance, sharply higher by Rs12.10 at Rs364.00 on 6m shares, Maple Leaf Cement, up by 60 paisa on 5m shares and Bank Alfalah, off 50 paisa at Rs49.50 also on 5m shares.

Other actives were led by Bank of Punjab, up by Rs1.35 on 5m shares and Bosicor Pakistan, lower 15 paisa also on 5m shares.

FORWARD COUNTER: PTCL led the list of actives on the cleared list on foreign buying and rose by Rs2.25 at Rs52.90 on 4m shares followed by OGDC, steady by 38 paisa at Rs115.55 also on 4m shares and PTCL October settlement, up by Rs1.79 at Rs50.99 on 3m shares.

National Bank rose by 80 paisa at Rs245.80 on 3m shares and Fauji Fertiliser Bin Qasim, posted a fresh gain of 48 paisa at Rs44.68.

DEFAULRET COMPANIES: Zeal Pak Cement came in for active selling and was marked down by 20 paisa at Rs4.50 on 2.697m shares followed by Nimir Chemicals, unchanged at Rs4.10 on 0.661m shares, and Unity Modaraba, steady by five paisa at Rs0.80 on 0.572m shares.

Japan Power followed them, easy by 20 paisa at Rs9.45 on 0.329m shares and Norrie Textiles, unchanged at Rs2.25 on 0.161m shares.

DIVIDEND: Bhanero Textiles, cash 25 per cent, Treet Corporation, 20 per cent, Aruj Garments, 15 per cent, Ismail Industries, 10 per cent, Dawood Lawrence, bonus shares 10 per cent, Faisal Spinning, cash 10 per cent, Tariq Glass, 10 per cent, Cherat Cement, 10 per cent, Elite Capital Modaraba, six per cent, Maple Leaf Cement preference shares, 9.75 per cent, Maple Leaf Factory, nil, Modaraba Al-Mali, Al-Qadir Textiles, and International Multi-Leasing, all nil.