KARACHI: The stocks further deepened till midday as the Pakistan Stock Exchange benchmark 100-index shed 245 points to drop to 45243 level on Wednesday.
The stocks opened negative after shedding 144 points to reach 45344 level in early trading.
On Monday, the equities wobbled throughout the first trading session after FY19 budget announcement with stock market initially kicking off on a positive note, making an intra-day high of +299 points. Nonetheless, the euphoria fizzled out quickly and the index witnessed a low of -118 points to ultimately close at 45,489 points, down by 52 points.
Although federal budget FY18-19 was largely a positive for the market, volatile market conditions prevailed as political uncertainty surrounding upcoming general elections continued to haunt investors. During the session, major heavyweights namely HBL (-0.92 percent), OGDC (-0.92 percent), PPL (-0.18 percent), ENGRO (-1.39 percent), MCB (-0.91 percent), BAHL (-2.26 percent) cumulatively contributed -118 points to the overall index and overall traded volumes witnessed accretion of 11 percent DoD to clock-in at 249m shares and value traded also improved to $74m.
