KARACHI - Elimination of CFS MK-II invited correction at the Karachi Stock Exchange and the benchmark 100-Index witnessed red numbers, losing 296 points on Wednesday. Since the brokers proposed the decision of elimination, participants favouring elimination successfully averted absolute negative impact of the decision initially. Mid-day, however, painted the board red. Off-loading in Oil and Gas exploration and marketing, fertilizer and various other sectors kept the index in the red zone. Absence of support invited off-loading by the corporate, thus forgiving no sector and the old days of lower locks re surfaced, said a stock broker. The KSE-100 Index kicked-off the day with a loss of 43.72 points and closed at 7,340.30 points, losing 295.58 points on Wednesday. Trading activity was better as compared to the last trading session. The ready market volume mounted to 493.090 million shares as compared to last trading sessions 478.944 million shares. Total trading value of the market slightly decreased to Rs 12.602 billion as compared to last trading sessions Rs12.888 billion. As many as 117 companies at the KSE advanced, 215 declined and 6 remained unchanged. Market capitalisation remained Rs 2.214tr. Expectation of increase in T-bill cutoff yields negatively affected retail / institutional interest in the market. Highest volumes were witnessed in TRG with the trading of 49.487m shares on Wednesday, BOP with 34.831m shares, Jahangir Siddiqui 27.018m shares, Pak PTA 22.515m shares, Zeal Pak 22.023m shares, NIB Bank 21.767m shares, Pervez Ahmed 19.390m shares, National Bank 15.829m shares, DGKC 15.490m shares namely. Leading gainers at the KSE include Bata Pakistan and it gained Rs35.60/share, closing at Rs800 with the trading of only 500 shares, Lakson Tobacco added Rs10.66/share and closed at Rs224.04, Millat Tractors gained Rs10.18/share and closed at Rs216.89, Mari Gas Company added Rs8.62/share and its value was improved to Rs181.06, Treet Corporation closed at Rs153.99, adding Rs6.87/share, KSB Pumps gained Rs6.09/share and closed at Rs127.93, IGI Insurance gained Rs 4.03/share and closed at Rs86.67. Conversely, Unilever Pakistan lost Rs64.67/share and its value was decreased to Rs1830 with the trading of only 60 shares, Nestle Pakistan lost Rs57/share and closed at Rs1093, Attock Petroleum lost Rs14.27/share and closed at Rs271.18, Colgate Palm lost Rs12.98/share, closing at Rs282, PSO closed at Rs187.18, losing Rs9.80/share, Shell Pakistan also lost Rs9.15/share and closed at Rs 236.24, Pak Oilfields (SPOT) lost Rs9.10/share and closed at Rs172.94. Fall in international oil prices and international equity markets remained a major concern in the overbought market. Although turnover stayed on the higher side, thanks to penny stocks and some low priced speculative group stocks. It seems high turnover is matter of few days, with main board squeezing, penny stocks are unlikely to invite aggressive buyers. Bears are likely to stay for some time, despite various comments suggesting least contribution of leverage in the recent run-up. Change in valuations can certainly lead to a decline in the index, reflection of economic downturn yet to come in June end results, valuations can further erode.