KARACHI, Feb 13: Stocks on Wednesday extended the overnight gains but failed to sustain the early run-up on late selling despite the fact that dividend announcements by some of the leading companies, including Shell Pakistan and Unilever Pakistan, were in line with the investor expectations.

But some leading brokers said that the current rising tempo will be sustained during the next couple of sessions as board meetings of ICI Pakistan, PSO and MCB are due on Feb 14 and 15 amid market talk of higher dividend and bonus shares.

The KSE 100-share index posted a fresh modest gain of 18.98 points at 14,115.89 as compared to 14,096.91 points as leading base shares tended further higher.

Leading bank and cement shares, notably Bank of Punjab, Bank Al Falah, Lucky Cement, and D.G. Khan Cement came in for strong support and rose further higher.

Its consolidation well above the barrier of 14,000 points reflects that the dividend-linked recovery tempo could be carried through the election deadline as some of the major payout announcements will be in the pipeline by the end of the current month, floor brokers said

Analysts’ predictions of higher payouts and bonus shares by them on the heals of HinoPak Motors, Pakistan Refinery and JS group of companies, both bonus shares and interims did not allow investors to stay out of the arena.

An interim cash dividend of 100 per cent by Shell Pakistan and final of 126 per cent by the Unilever Pakistan, 50 per cent interim by JS Global indicates and 20 per cent bonus shares by Netsol Technologies were all in line with the market expectations and kept the investors interest alive.

But instances of pre-election selling by some of the short-term investors and jobbers were also not lacking as election results are still not clear despite the US-based foreign opinion polls in favour of PPP and Muslim League (N).

The elections will be considered rigged if the PML-Q wins, and will be followed by a massive protest, opposition political leaders warns and that reflects the post-election scenario. Investors should draw their own conclusions about the possible negative fallout of the elections.

“No one could precisely predict about the typical Pakistan election results,” said a leading analyst “there are many slips between the lip and the cup until the deadline.”

Among the top gainers, EFU Life and AKD Capital were leading, up Rs27.30 and 29.80 followed by United Bank, Sapphire Fibres, Lakson Tobacco, United Sugar, Shell Gas, Atlas Honda, Pak-Suzuki Motors, Indus Motors, Pakistan Engineering, and Shezan International were leading, which rose by Rs7 and 19.70.

Losers were led by HinoPak Motors and Rafhan Maize, off by Rs32 and 68.80. Other prominent losers included JS & Co, Central Insurance, Mitchell’s Farms, JS Global and Siemens Pakistan, off by Rs7.50 to 22.

Traded volume rose further to 281m shares from the previous 246m shares as gainers maintained a fair lead over the losers at 188 to 139, with 44 shares holding on to the last levels.

The most active list was topped by Bank of Punjab, up Rs2.30 at Rs95.45 on 23m shares followed by Lucky Cement, firm by Rs1.55 at Rs12.25 on 17m shares, Arif Habib Securities, off Rs1.55 at Rs179.35 on 16m shares, NIB bank, steady by 45 paisa at Rs22.30 on 15m shares, Bank Al Falah, higher by Rs1.90 at Rs58.05 on 13m shares, D.G. Khan Cement, up by Rs1.35 at Rs96.35 on 11m shares and TRG Pakistan, firm by 10 paisa at Rs13.05 on 10m shares.

Other actives were led by Dewan Salman, up by Rs40 at Rs9.50 on 11m shares followed by Netsol Technologies, sharply higher by Rs4.45 at Rs134.70 on 9m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, up by Rs1.20 at 122 on 5m shares, followed by Bank of Punjab, higher by Rs2.60 at Rs95.60 also on 5m shares and MCB Bank, lower by 50 paisa at Rs405.20 on 3m shares.

Bank Al Falah followed them, higher by Rs1.80 at Rs58.10 on 3m shares and Dewan Salman, firm by 35 paisa at Rs9.45 also on 3m shares.

DEFAULTER COS: Zeal Pak Cement came in for active support and rose by 25 paisa at Rs4.65 on 4.284m shares followed by Japan Power, lower five paisa at Rs7.15 on 0.878m shares and Norrie Textiles, easy by 10 paisa at Rs2.30 on 0.794m shares.

Unity Modaraba fell by five paisa at Rs1.50 on 0.327m shares followed by Invest Cap Bank, up 15 paisa at Rs5.40 on 0.173m shares and Pangrio Sugar, off 75 paisa at Rs18.95 on 0.246m shares.