KARACHI - Negative sentiments witnessed at the stock market on Monday despite no change in the discount rate by SBP in its recent monetary policy review on Saturday. The bearish activity, seen at the market, was widely attributed to a fall in global capital markets caused by existing political turmoil in Egypt. The KSE 100-index closed at 12,359.36 level, down 103.34 points or 0.83 per cent. The benchmark had ended 12,462.70 points mark on the last trading day of the week (Friday). Market turnover showed considerable improvement as stood at 121.35 million shares versus 87.91 million worth of shares traded at the local bourse previously. According to the statistics released from KSE on Monday, total market capitalisation declined to Rs3,342.03 billion or $38.97 billion from Rs3,369.49 billion earlier. Overall ready market value came at Rs7.46 billion or $86.98 million. The market trade numbers showed that the KSE-30 index ended at the level of 12,009.79, squeezing 142.42 points or 1.17 per cent from the index on Monday. Future volume recorded at 5.86 million shares. Total value was at Rs873.35 million with a spread of 4.70 per cent. Lotte Pakistan PTA, Nishat Chunain, PTCL, Fauji Fertilizer Bin Qasim Limited and Engro Corporation were the volume leaders or the most actively traded stocks at the market yesterday. Investor remained positive on no change in SBP policy on discount rate but limited foreign interest and institutional profit taking across the board invited short term correction at the local bourse despite healthy earning announcements in cement sector, said Ahsan Mehanti, Director Arif Habib Investment Limited. Low volume strength attainted due to surprise move by SBP of maintaining the interest rate allowed the benchmark to register triple digit gains. But it proved artificial, failing to invite follow-up support. Moreover, absence of buyers on intervals led to the massive low volume price erosion, which pushing the index in red-zone, said Hasnain Asghar Ali, senor analyst at Aziz Fida Husein & Co. Private Limited. He said decision by SBP of maintaining the local interest rates along with rising trend in international oil market gave the local bourse much desired trigger, although wider market failed to match gains, oil and gas exploration stocks led the show along with fertilizer stocks, wherein some invited buyers on hefty payouts while other invited speculative follow-up, to the support initiated by the respective group, accompanied by various mid-tier stocks, thereby allowing the bench-mark to register intra-day gains to the tune of 1.22 per cent mainly on technical recovery. According to analyst, low volumes, however, continued to restrict the day traders and market punters as they seemingly traded with clipped strength, while expensive stocks continued to invite sell-off by the institutional participants. Renewed speculative and high quantum activity by the local holding companies and offshore participants did keep the triple digit gains intact for most part of the session, midday stagnation and absence of follow-up support, forcing the index to wipe of substantial gains due to massive price erosion, despite low volume strength in expensive stocks, to avert wider bearish impact on the benchmark. Since the variables identified for back-to-back increase in interest rates during previous reviews have continued to stayed under pressure, the recent move was certainly a popular decision, thereby keeping chances of increase in upcoming reviews intact, thus making the recent move a non event, decision on the petroleum prices will however give a more clear picture, of the recent change in strategy, if there is any, thereby keeping the upside at the local bourse confined, he added.