KARACHI - The bears tightened their grip on the local equity market on Wednesday as institutional profit-taking continued to affect markets sentiments despite rising global commodity prices and strong foreign interest in blue chip scrips. The Karachi Stock Exchanges benchmark 100-share index ended 0.64 percent, or 80.55 points, lower at 12,577.61. The index had closed at 12,658.16 on Tuesday. According to KSE statistics, volumes were recorded at 188.01 million shares while total market capitalization stood at Rs3, 401.83 billion or $39.69 billion, respectively. Total ready market value came at Rs8.81 billion or $102.79 million. The KSE 30-index ended at 12,325.84 with a loss of 92.24 points or 0.74 per cent. KSE future volume was recorded at 13.37 million shares, valuing at 1,223.75 million or 11.67 per cent. According to an analysts opinion, low volume price erosion that stayed quite prominent in various main board stocks kept the benchmark under pressure. Although decline in the benchmark stayed confined, due to low volume price influx in various expensive and ill-liquid stocks, inability of the main board stocks to invite turnover kept the market participants on selling side. The governments efforts to chalk out economic plan, positive numbers on trade balance did form a case for positive activity. The market men seemingly waited for initiators mainly to dump their holdings on strength. With update on leverage product missing, the market-men could hardly find an excuse to avoid correction, thus keeping the pressure intact. Corporate influx in selective stocks on dips did provide consolidation, along with volumetric activity on LOTPTA, volume in the stock besides contributing more then 25 per cent to the overall turnover provided trading opportunity to the market men. Since various main board stocks have already attained saturation levels and only a handful stocks are trading at discounts, those duly resisted an across the board negativity, stagnation led sell-off continued throughout the session, absence of positive update on leverage will confirm the trend for upcoming sessions. However, in case the benchmark sustains the levels; stocks from the main board sector lagging behind can be looked for accumulation. While the sectors and stocks facing wrath of rising cost of raw materials along with decline in local and export sales, companies carrying high and/or inefficient debt can be looked for off-loading, since the interest rate horizon is likely to make life difficult for the companies in the grip of mentioned variables.