KARACHI, June 19: Stocks on Wednesday lacked normal trading interest as leading investors and bargain-hunters stayed on the sidelines apparently awaiting some instant stimulants to break the post-budget unfathomable lull.

The KSE 100-share index showed a fresh fractional decline of 3.77 points at 1,760.23 as compared to 1,764 a day earlier, adding to the post-budget losses. The fractional fall, however, showed that both the buyers and the sellers are maintaining a status quo apparently for either-way breakthrough.

Trading volume fell to a recent low level of 37m shares as analysts predictions of a strong post-budget rally aided by a combination of corporate reliefs did not prove correct.

“What ails the post-budget market no one could precisely explain,” one broker said, adding “lack of support could be the main reason behind the sluggishness but why in the backdrop of a positive budget.”

“All the leading brokers have gone to the beach to beat the current heatwave and power interruption,” said an analyst jokingly, adding “all are praying for the rain there before resuming share business.”

The day’s turnover of 37m shares, far below the average daily volume in most of the active scrips, is not a sham for a market riding on the capital base of $7bn, one analysts asks. An added to extremely narrow price changes mostly in few paisa as jobbers and day traders stole the day’s limelight.

Investors seem to be awaiting the advent of institutional support before resuming their post-budget moping operations, it too appears to be in planning stage and the consequent sluggishness.

Both stock analysts and brokers are out to give a number of reasons, including some negative fiscal measures in the new budget, no one is inclined to bell the cat.

“Four days after the budget is too long a time to go through all the fiscal measures related to stock trading,” says an analyst and predicts a budget related rebound could be delayed but it will certainly manifest itself any day.

The market has already digested the negative impact of the border situation as was reflected by visible in the tensions and there is a possibility of an ambush anytime, he adds.

For the third session in a row, losers maintained a strong lead over the gainers at 142 to 65, with 77 shares holding on to the last levels.

Some of the leading shares came in for modest support and finished further higher by Rs1.25 to Rs15 for Mari Gas, Shams Textiles, Pakistan Tobacco, Gatron Industries and Wyeth Pakistan, the largest rise being in Wyeth. Other gainers included KASB & Co, Umer Fabrics, Nishat Chunian, Ellcot Spinning and some others, rising by one rupee to Rs1.20.

Losers were led by Dawood Hercules, Shell Pakistan, Treet Corporation, Shell Gas LPG and Lever Brothers, and Shafiq Textiles, off one rupee to Rs2.50.

Traded volume declined to 37m shares from the previous 81m shares, about a half of which 14m shares went to the credit of Hub-Power, lower 10 paisa at Rs23.10, followed by PTCL, easy five paisa at Rs17.30 on 6m shares, PSO, off 90 paisa at Rs138.60 on 4m shares, Chakwal Cement, lower 10, paisa at Rs2.05 on 2m shares and Telecard, off 50 paisa at Rs13.55 on 1.447m shares.

Other actives included WorldCall, easy five paisa on 1.431m, Engro Chemical, off 55 paisa on 1.173m shares, National Bank, lower 35 paisa on 1.026m shares and Adamjee Insurance, unchanged on 0.672m shares.

FUTURE CONTRACTS: PSO again came in for active selling and fell by Rs1.10 at Rs138.95 on 2.287m shares followed by Hub-power, easy 10 paisa at Rs23.10 on 6.066m shares and PTCL, lower by the same amount at Rs17.35 on 2.317m shares.