KARACHI - The stock market witnessed a vigorous selling pressure on Thursday as the T-bill yields surged by 154 bps that diminished the investors and institutions hope of a significant cut in the discount rate. The KSE-100 Index lost another 45 points on Thursday and closed at 7,295 points. The elimination of CFS triggered off loading for the second consecutive day that affected the market sentiment negatively. The KSE-100 Index opened in the red zone losing 98.51 points and closed at 7,295.98 points showing a loss of 44.32 points. Benchmark 100-Index witnessed days low level of 7,136.89 points. Trading activity at the KSE was the worst as compared to the last trading session. Ready market volume squeezed to 372.239mn shares as compared to last trading sessions 493.090mn shares. Total trading value of the market amounted to Rs13.105 billion against last sessions Rs12.602 billion. Market capitalisation remained Rs 2.201 trillion on Thursday. Out of 357 active symbols at KSE, 153 gained value, 196 lost while the worth of the shares of only 8 companies remained unchanged. Fall in Asian Markets, US rejection of Indo-Pak mediation and lack of institutional interest in the market also created panic among the investors who opted for the profit-taking, stated Ahsan Mehanti of Shehzad Chamdia Securities. An extended decline of more then 200 points, however, invited local corporate and seasoned players to take fresh positions that renewed buying and the index staged a decent recovery. Buying in main board, large cap and specific group stocks allowed the index to recover from deep red to triple digit gains. Whispers of positive announcement regarding interest rates, however, kept the bulls going. Absence of CFS MK-I was badly felt, as day end offloading (now to become a daily affair) eroded hard earned gains and the index closed with a net loss. Jahangir Siddiqui was witnessed as the volume leader with the trading of 36m shares on Thursday. Among other noted shares were National Bank with 22.523m shares turnover, KESC 22.369m shares, DGKC 21.368m shares, BOP 17.660m shares, Pervez Ahmed 15.521m shares, TRG Pakistan 11.572m shares, PTCL 11.078m shares, NIB Bank 10.744m shares, Pak PTA 10.278m shares. OGDC touched Rs72.45 while other E&P stock reached an attractive level, suggesting accumulation more feasible at current level looks. All the major banks already banged the bulls after running valuable gains. Major gainers at the KSE include Lakson Tobacco and it gained Rs10.96/share, closing at Rs235, Pak Services Limited added Rs7.45/share and closed at Rs156.45, KSB Pumps (SPOT) gained Rs6.39/share and its value was improved to Rs134.32, Attock Refinery closed at Rs110.28, gaining Rs5.25/share, MCB Bank added Rs5.18/share and closed at Rs162.80, JS Global Capital gained Rs4.96/share and closed at Rs98.49, Arif Habib Limited added Rs3.80/share and closed at Rs80.24. On the other hand, Siemens Pakistan lost Rs18/share and closed at Rs701 with the trading of only 200 shares on Thursday, Millat Tractors lost Rs10.80/share, closing at Rs206.09, Engro Chemicals lost Rs6.06/share and closed at Rs142.97, Bata Pakistan (SPOT) lost Rs5.84/share and closed at Rs795, PSO also lost Rs5.15/share, closing at Rs182.03. Thursdays market can be termed as traders paradise, where clever investors can book short term gains. The day started on a negative note with a nosedive of 203 points but recover speedily afterwards, eventually selling persistent pressure resulted in a market closing at 7296 points, expressed market expert Bilal Asif.