KARACHI, Jan 28: Leading shares came in for renewed support on Monday and ended with fresh gains on active support but the broader market stayed weak followed by late selling at the higher levels amid light trading.

A final cash dividend of 15 per cent and bonus shares at the rate of 20 per cent by the management of Dawood Hercules was well received in the market as was reflected by a sharp rise of Rs10.35 in its share value. It also gave a cue for higher payouts by most of the other blue chips during the coming sessions.

After having fluctuated both ways, the KSE 100-share index managed to finish with a fresh rise of 24.12 points at 13,880.48 as compared to 13,856.36 a week earlier as some of the leading base shares tended further higher. At one stage it soared to 13,930.92 points.

The free-float 30-share index on the other hand suffered a decline of 38.73 points at 16,477.77 as some of the base shares tended lower on selling.

“Sale on strength appears to be hallmark of the trading,” analyst Hasnain Asghar Ali said adding “that where why equities reacted after the index touched the session’s peak of 13,930.92”.

Elections uncertainties are still there as investors are not inclined to make long-term investment for obvious reasons but fears about the law and order situation in the backdrop of last week’s relative calm are gradually fading out, floor brokers said.

Worries over the fighting in the tribal areas also appear to be an inhibiting factor, which is said to be main factor behind the absence of foreign investors, they said.

But a leading analyst Ahsan Mehanti thinks otherwise. He said dividend season has just begun and as the rates of payouts suggest, they could play a stabilising impact on the volatile market.

There is a loud whispering in the corridors of the bourse that payouts by the oil, and cement sectors are expected to be well above the analyst predictions and could give a pleasant surprise to both the investors and the brokers.

However, he ruled out the return of the prodigal son before elections as leading among them believe in profits and not in losses in an uncertain market.

Stock analyst Ashraf Zakaria said the market may have been facing many irritants, but the fact that it is guarding the resistant level of 13,500 reflects there is nothing inherently wrong with its basic fundamentals and it could bounce back to its pre-reaction level any time.

Leading gainers were led by Nestle Pakistan and Lakson Tobacco, up by Rs77 and 22, followed by Mirpurkhas Sugar, Attock Petroleum, Pak-Suzuki Motors, Clariant Pakistan, Packages, AKD Securities, Millat Tractors, PSO Shell Pakistan, Pakistan Resource Co, and JS & Co, which posted gains ranging from Rs7.45 to 17.40.

Losses on the other hand were mostly fractional barring Unilever Pakistan and Pakistan Services were prominent among the losers, off Rs45 and 14, respectively. Ferozsons Lab, Adamjee Insurance, Siemens Pakistan, and Arif Habib Ltd, off by Rs6 to 14.Trading volume suffered a sharp contraction at 172m shares from the previous 252m shares as losers held a modest lead over the gainers at 163 to 147, with 58 shares holding on to the last levels.

NIB Bank again led the list of actives, steady by five paisa at Rs23.05 on 21m shares followed by Attock Refinery, higher by Rs3.90 at Rs279.70 on 13m shares, Bosicor Pakistan, firm by 10 paisa at Rs21.05 on 9m shares, and Arif Habib Securities, off Rs4,50 at Rs173 on 8m shares.

Fauji Fertiliser Bin Qasim followed them, up 55 paisa at Rs41.75 on 8m shares, Engro Chemical, easy 30 paisa at Rs277.40 on 6m shares and Netsol Technologies, off Rs2.85 at Rs134 on 6m shares, World Call Telecom, unchanged at Rs16.70 on also on 6m shares, Pace Pakistan, up 50 paisa at Rs32.25 on 5m shares and Azgard Nine, easy by five paisa at Rs52.60 also on 5m shares.FORWARD COUNTER: Arif Habib Bank again led the list of actives, off 40 paisa at Rs31.60 on 3m shares followed by MCB, lower by 80 paisa at Rs382 on 2m shares, Fauji Fertiliser Bin Qasim, up 20 paisa at Rs41.90 on 1m shares. D.G.Khan Cement followed them, up 80 paisa at Rs93.30 on 1m shares and Lucky Cement, up 40 paisa at Rs115.20 also on 1m shares.

DEFAULTER COS: Norrie Textiles led the list of actives on this counter, easy by five paisa at Rs2.10 on 0.652m shares followed by Zeal Pak Cement, unchanged at Rs4.15 on 0.570m shares and Pangrio Sugar, higher by Rs1.10 at Rs29.30 on 0.287m shares.