KARACHI, Feb 25: Stocks on Friday suffered widespread decline as weekend selling figured prominently at the inflated levels but there were buyers at the dips on selected counters under the lead of OGDC and some others.

Apart from weekend selling in an overbought market below market dividend by some of the leading companies including oil giant OGDC triggered a lot of sympathetic selling on all the counters.

The KSE 100-share index managed to finish with an extended gain of 32.36 points after having erratically fluctuated amid alternate bouts of buying and selling. The closing was around 8,285.48, although earlier in the morning it broke the barrier of 8,300 to touch the peak of the day at 8,359.

Technically speaking, the index was down but a section of leading investors covered positions in it to end the week on a positive note. The weight age of OGDC is 22 per cent and calculated on the basis of Rs3.45 increase in it the result negative, says a leading stock analyst.

However, a section of investors keeping it in a good shape amid hopes that the final could be much improved tied with bonus shares. An interim cash dividend of 15 per cent(EPS Rs3.67) by OGDC was well below the market expectations, but heavy fresh buying in it at the lower levels enabled it to finish sharply higher and pulled the entire market out of the clutches of bears.

A cash pay out of 40 per cent (EPS Rs7.62) by ICI Pakistan was welcome in the backdrop of previous year's omission but passing over of dividend by Sui Northern Gas surprised many brokers. ICI Pakistan reacted bullishly to the dividend news and rose sharply higher.

Analysts said opinions are divided over the future direction of the market. Some say it has reached a saturation point and needs a lot of correction as dividend announcements by most of the leading companies are in its kitty and those who had made million of rupees are seeking way out. But some others said the best is still to come on the strength of positive factors beyond the corporate announcements as the pre-determined index level is still far away.

Minus signs dominated the list but most of the fall was fractional barring Bank of Punjba, Nishat Chunian, Gul Textiles, Indus Motors, Millat Tractors, Mari gas, Shell Pakistanb, National Refinery and Valika Art Fabrics, which suffered fall ranging from Rs4 to Rs18.

Some other leading shares managed to recover from early lows and finished with gains ranging from Rs2.15 to Rs8 in Artistic Denim, Thal, Ghani Automobile, Atlas Battery, Pakistan Cables, United Sugar and Ferozsons Lab, up by Rs2.15 to Rs8 but the largest rise of Rs13.65 was noted in Pakistan Services.

Trading volume fell to 728.282m shares from the previous 866.198m shares as losers forced a strong lead over the gainers at 215 to 113, with 51 shares holding on the last levels.

OGDC again topped the list of most actives, up Rs3.45 at Rs118.85 on 291m shares followed by PTCL, easy by 30 paisa at Rs68.20 on 86m shares, Pak PTA, whose directors have omitted the dividend for the last year, up Rs1.35 at Rs13.35 on 65m shares, Sui Northern Gas, up 35 paisa at Rs77.20 on 47m shares, and National Bank, unchanged at Rs134 on 34m shares.

Other actives included Sui Southern Gas, unchanged on 17m shares, Hub-Power lower 15 paisa also on 17m shares, DG Khan Cement, easy 35 paisa on 15m shares, ICI Pakistan, higher by Rs3.50 also on 15m shares and PSO, off one rupee on 14m shares.

FORWARD COUNTER: OGDC also came in for strong buying on this counter and rose by Rs3.60 at Rs122.25 on 59m shares, followed by PPL, higher by Rs4.90 at Rs252 on 15m shares, while its March contracts also rose by the same amount Rs258 on 43m shares. PTCL fell by 15 paisa at Rs68 on 10m shares, while its March contracts shed 10 paisa at Rs70.10. Other leading shares also came in for active selling and generally fell.