KARACHI, Oct 1: Stocks on Tuesday finished lower as leading investors as well as institutional traders took profits at the inflated levels in most of blue chips including PTCL, PSO and Hub-Power. The KSE 100-share index fell 13.30 points at 2,005.45.

Analysts failed to give specific reasons for the return of a bear market despite the fact that most of the basic fundamentals were positive and warrant the extension of the current run-up.

“Election uncertainties seem to have crept into the share business,” says a leading analysts. “The quick alternate bouts of buying and selling on small margins reflect that everyone is inclined to play safe in the pre-election sessions.”

Selling in leading energy shares after the deferment of revision of fortnightly prices of petroleum products also worked against the underlying sentiment.

But on the other hand cement shares came in for strong support, reflecting higher earnings owing to steady exports to Afghanistan. A handsome cash dividend of 35 per cent by Kohat Cement seems to be the major stimulating force behind the fresh strong support in them, dealers said.

The KSE 100-share index reacted to finish lower by 13.30 points at 2,005.45, edging lower to breach the barrier of 2,000 points as leading buyers are liquidating long positions.

There were more than one positive news including final settlement of Hub-Power arrears totalling Rs.1.2 billion by Wapda, renewed assurance about US aid and a substantial cut in the carryover volume but investors appear to be temporarily disinterested in the share business.

But as far as the performance of the corporate sector measured by the rate of payouts is concerned it could attract a lot of fresh buying even during the session preceding the national elections, he adds.

Minus signs, therefore, managed to force a comfortable edge over the plus ones at 178 to 108, with 50 shares holding on to the last levels.

Prominent gainers were led by Siemens Pakistan, Millat Tractors, General Tyre, Island Textiles and Pak Reinsurance Company, up by Rs.3 to 39.35. Other good gainers included Ahmad Hassan Textiles, Nafees Cotton, Berger Paints, Ferozsons Lab, Pakistan Paper Products, Goodluck Industries after the announcement of 20 per cent cash dividend, Dreamworld and Noon Pakistan, which posted gains ranging from Rs.1.50 to 2.75.

Losers were led by Attock Refinery, Abbott Lab, Shell Pakistan, Unilever Pakistan and Wyeth Pakistan, off Rs.2.05 to 20. They were followed by Nestle MilkPak, 9th ICP, Pakistan Refinery, Dawood Hercules and Bata Pakistan, lower by Rs.1.45 to 2.00.

Trading volume shrank to 91m shares from the previous 149m shares as buying support remained at a low ebb even at the lower levels.

PTCL attracted post-dividend selling and fell by 15 paisa at Rs19.85 on 19m shares followed by Hub-Power, off 20 paisa at Rs.23.75 on 18m shares, PSO, off Rs.1.25 at Rs.196.05 on 15m shares, Engro Chemical, lower 40 paisa at Rs.62.70 on 3m shares and Maple Leaf Cement, higher by 65 paisa at Rs.8.25 also on 3m shares.

Other actives were led by D.G. Khan Cement, unchanged on 3m shares, Fauji Fertilizer up 30 paisa on 2.516m shares, Attock Cement, higher 85 paisa on 2 million shares, Muslim Commercial Bank, lower 15 paisa on 1.711m shares and Lucky Cement, up 20 paisa on 1.642m shares.

FORWARD COUNTER: Speculative issues on the forward counter fell in unison on active selling. PSO led the list of major losers, off Rs.1.70 at Rs.158.90 on 4.238m shares followed by Hub-Power, easy 20 paisa at Rs.23.90 on 2.732m shares and PTCL, lower by the same amount at Rs.20.00 on 3.708m shares.

DEFAULTER COMPANIES: Shares of 15 companies came in for trading under the lead of Quice Foods, easy 10 paisa at Rs.1.10 on 61,500 shares followed by Suzuki Motorcyles, up five paisa at Rs.4.95 on 16,000 shares and Metropolitan Steel, up 40 paisa at Rs.3.40 on 8,000 shares.

DIVIDEND: Kohat Cement cash 35 per cent, Bestway Cement 7.5 per cent, Goodluck Industries 20 per cent, Kohinoor Power 5 percent, AKD Securities 25 per cent bonus shares, Associated Industries 10 per cent, Nina Industries 10 per cent, Tariq Glass 12 per cent, Hajveri Modaraba, Pak Elektron, PEL Appliances, Allied Bank Modaraba, Pak Modaraba, Sarhad Cigarette Industries, Capital Securities, Balochistan Particle Board, International Multi-Leasing, Inter-Asia Leasing, National Asset Leasing, Japan Power, Indus Fruits, Islamic Modaraba, Asian Leasing Corporation and Indus Jute, all nil for the year ended June 30, 2002.