KARACHI, Nov 20: Stocks on Tuesday failed to sustain the last couple of sessions’ firmness as heavy selling in most of the leading shares ekoved sympathetic liquidation from the jobbers and weakholders, pushing the broader market into the minus column.

The KSE 100-share index was marked down by about two per cent or 26.27 points at 1,354.07 as compared to 1,380.34 a day earlier as the leading base shares came in for active profit-selling.

The bulk of the activity remained confined to three pivotals, notably Hub-Power, PTCL and ICI Pakistan, which came in for active selling and accounted 80 per cent of the total volume.

“What seems to have caused major dents in the prevailing price structure was the news of approval of 22 per cent final dividend by the lenders of the Hub-Power and the post-announcement active profit-taking,” stock analysts at the W.E. Financial say adding “sympathetic selling in other current favourites weighed heavily against the underlying sentiment.”

The management of Hub-Power has recently announced a final dividend at the rate of 22 per cent making the total for the year ended June 30, 2001 to 37 per cent including 17 per cent interim.

On Monday, its share value has at one stage soared to Rs.20.05 followed by rumours of the approval of dividend but after the official confirmation bears moved in to take profit at the inflated levels pulling it down to Rs.19.35.

What was more important was that it took along with it all the blue chips including PTCL, major casualty being ICI Pakistan, which in the recent past has touched the peak level of Rs.50.

The investor response to the National Bank issue of about 19m shares, opened on Monday for four days, is claimed to be fairly good as general investors and those who seek safe haven in an uncertain market are applying for big lots.

On the provisionally listed counter, its share on Monday opened at Rs.18.40 against the face value of Rs.10 but finished at Rs.15.85 after hitting the highest and the lowest of the day at Rs.18.60 and Rs.15.55 on 0.192m shares.

Stock analysts at the AHRL Securities predict that its addition on the ready board could well prove a major event on the stock market as because of its size and financial viability it could keep the market in a good mood.

The market may gave either-way movement during the coming sessions but its ultimate goal could be the index level of 1,500 points after the situation in Afghanistan stabilizes and foreign aid commitments start flowing in the national kitty, they add.

Unlike the previous sessions, most of the price changes were fractional and reflected the absence of general sellers. However, leading shares, such as Adamjee Insurance, EFU Life Insurance, Al-Ghazi Tractors, Millat Tractors, ICI Pakistan, Shell Pakistan and Colgate Pakistan were leading among the losers, off one rupee to Rs.4.65, the largest decline being in Colgate Pakistan.

Among the advancing shares, 11th ICP, 1st ICP, Khalid Siraj Textiles, Berger Paints, Pak Datacom and Ahmed Oriental Textiles were leading, up by one rupee to Rs.1.95.

Trading volume was around the overnight figure of 95m shares but losers forced a strong lead over the gainers at 92 to 46, out of 169 actives, with 31 shares remaining pegged at the last close.

Hub-Power topped the list of most actives, off 60 paisa at Rs.19.35 on 47m shares followed by PTCL, easy by the same amount at Rs.17.55 on 35m shares, ICI Pakistan, sharply lower by Rs.2.15 at Rs.44.75 on 6m shares, Sui Northern Gas, easy 40 paisa at Rs.11.15 on 5m shares and MCB, off 95 paisa at Rs.22.45 on 2m shares.

Other actives were led by Adamjee Insurance, off Rs.1.50 on 1.434m shares, Fauji Fertilizer, lower 45 paisa on 1.327m shares, WorldCall, off 50 paisa on 1.206m shares, Nishat Mills, lower 80 paisa on 1.183m shares and Japan Power, easy 15 paisa on 1.064m shares.

FUTURE CONTRACTS: Easier conditions were also witnessed on this counter as nine out of 12 shares finished lower, major losers being Engro Chemical and MCB, off Rs.1.25 each at Rs.54.60 and 23 on 37,500 and 9,000 shares respectively.

Among the actively traded shares were Hubco, lower 55 paisa at Rs.19.45 on 2.090m shares followed by PTCL, easy 65 paisa at Rs.17.65 on 0.895m shares. Others were modestly traded on the lower side.

DEFAULTER COMPANIES: Shares of Alif Textiles and Allied Motors came in for active bouts of buying and selling. While the former ended higher by 70 paisa at Rs.4.75 on 1,000 shares, the latter fell 15 paisa at Rs.2.85 on 2,500 shares.

DIVIDEND: Artistic Denim Mills,cash 30 percent, Ghahdhara Nissan Diesel, cash nil, right shares 60 per cent, Arpak International Investment cash 12 per cent, Network Leasing, Maple Leaf Cement, Pakistan Engineering Company, Atlas Lease, and Buxly Paints, all nil for the year ended June 30,2001.

BOARD MEETINGS: KESC, WorldCall Payphones both on Nov 24, Indus Fruits and Ideal Energy, Nov 26, Transpak Corporation and Climax Engineering on Nov 27.