KARACHI - The stock market saw more losses on Tuesday while volumes continued to remain low as investors continued to remain on the sidelines, cautious over Capital Gains Tax and awaiting the re-introduction of margin buying. The Karachi Stock Exchanges (KSE) benchmark 100-share index, which opened in the green zone with a gain of 0.16 points, closed 0.35 percent, or 33.56 points, lower at 9,604.41. Turnover was 23.24m shares, up from 14.71 million shares traded on Monday, which was the lowest since December 2008. The KSE 30-index closed at 9415.10 with a loss of 56.20 points. The KMI 30-index closed at 14421.31 with a loss of 102.71 points. All shares index closed at 6719.83 with a loss of 41.50 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 29.778m as compared to last trading sessions 14.711m. Future market volume however stood at 0.804m shares as compared to 0.549m shares of last trading session. Market capitalization stood over Rs2.696tr. Total trades increased to 19,996 as compared to last trading sessions 16,852. 160 companies advanced, 171 declined and 29 remained unchanged. Highest volumes were witnessed in JSGF at 5.714m, closed at Rs3.49 with a loss of Re0.01, followed by AMTEX at 4.322m, closed at Rs14.40 with a gain of Re0.46, and LOTPTA at 1.423m, closed at Rs7.81 with a loss of Re0.11. The analysts said weakening of international equity and oil markets added to the misery of the local bourse, which stayed under tremendous pressure right from opening. They said although the sellers did resist offering the intended float at market rate initially, absence of buyers however forced massive sell-off, mainly in the oil and various high priced stocks. They said low volume price erosion was quite evident, thus disallowing even the likely buyers to make fresh bets, absence of buyers not only added to the panic amongst the exit seekers, those with high cost holdings in the main board and high priced stocks joined the selling spree. They added that massive price erosion was witnessed in OGDC, the index heavy weight, that trades above the rate attainted when the bench-mark touched 10700, (the recent high), the exit seeker as expected found it real tough to sell the holdings. They said the number of shares sold was less as compared to the price erosion witnessed, and along with the stock price the benchmark lost substantially. They pointed out that the sell-off has yet again proved that low volumes will continue to stay fatal, mainly for the local bourse, where mainly due to absence of CFS and due to various cost-increasing measures, local strength stayed low. They said although positive feedback continues to come in regarding re-launching of a ready board leverage product, the locals do not seem prepared to react before the final approval. They said besides comments by the management that people will get used to low volumes and investors will return on basis of corporate announcements and nothing is wrong with the fundamentals, indeed there might not be nothing wrong the clipped strength will unfortunately not allow the locals to trade comfortably at high multiples.