The KSE100 Index shed a total of 365 points, equivalent of 0.69%, during today’s morning session.
The market remained cautious ahead of the budget announcement to occur later during the day. Today’s decline is a continuation of yesterday’s bearish trend after an early bull run during the first three days of ongoing week.
Mid-day volume was 220 million shares with 346 scrips being traded out of which 185 declined, 153 advanced while 8 remained unchanged.
Early decliners during the day were from MSCI led stocks (LUCK -0.94%, HBL -2.45%) and oil stocks owing to the declining world oil prices after the OPEC meeting yesterday (MARI –3.02%, POL -2.24%).
Other laggards during the morning session were Wyeth Pakistan Ltd., WYETH -3.11%, Services Industries Ltd., SRVI -0.95%, Mitchells Fruit and Farms Ltd., MFFL -3.53% and Atlas Batteries ATBA -1.04%.