KARACHI - Bearish activity was witnessed in overbought market on Wednesday on institutional profit-taking ahead of the Federal Cabinet meeting for approval of the Reformed-GST. Ahsan Mehanti said, Investor concerns for rising inflation & fiscal deficit played a catalyst role in negative activity at KSE despite continuing foreign interest in oil & gas, banking & fertilizer sectors scrips throughout the trading session. The KSE 100-index closed at 10,941.94 with a loss of 50.34 points. The KSE 30-index closed at 10534.35 with a loss of 66.74 points. The KMI 30-index closed at 17518.44 with a loss of 77.78 points. All shares index closed at 7605.22 with a loss of 34.36 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 22.121 million as compared to last trading sessions 220.0551 million. Future market volume, however, stood at 5.75 million shares as compared to 4.52 million shares of last trading session. Market capitalization stood over Rs. 2.988trillion. As many as 162 companies advanced, 220 declined and 17 remained unchanged. Highest volumes were witnessed in Jah. Sidd. Co at 3.50 million, closed at Rs 12.02 with a gain of Re 0.21, followed by Lotte Pakistan at 31.58 million, closed at Rs 11.84 with a gain of Re 0.19, and DGK at 19.99 million, closed at Rs 29.13 with a loss of Re 0.35. Analysts said that the benchmark underwent adjustment, led by profit-taking in main board stocks. Both retail and corporate participants from local and off-shore corridors, off-loaded frontline stocks of oil and gas marketing, cements and banking stocks, textile stocks, however, should show resilience on back of support from their respective groups and huge inventories of raw cotton. They added that thus inviting renewed buying on dips the activity disallowed the sector from losing ground, in the closing hours, however, the leading sector stocks had to bow to the cyclone of adjustment, while high trading quantum in JSCL and Lotpta besides contributing substantially to the total turnover, the volatility offered various trading opportunities to the market men. They further said that negativity, that initially failed to impact the local equity market due to the hefty volume and gain in, investment securities companies that invited renewed buying interest mainly from the local circuits, the activity duly found support for the day traders, hopes that the upcoming results will reflect the gains registered by the local bourse therefore the adjusted values of the companies kept the confident punters active in the stocks through out the session. They said that massive sell-off in main board pushed the index in the red zone. While second in the race was LOTPTA, the stock continued to invite huge turnover besides offering swift trading opportunities to the market men, the opportunities were duly capitalized by the local participants, from both retail and corporate corridors, the mentioned stocks provided substantial boost to the overall turnover as the companies contributed more then 50% to the total turnover.