KARACHI - Uncertainty over the imposition of 16 percent FED on KSE resulted in selling pressure at the local bourse and KSE-100 index shed 34 points to close at 7,023.48 points on Tuesday. Investors preferred booking profits on continuing taxation issues on Capital Markets. KSE-100 index, however, managed to close above 7,000 psychological mark. The KSE-100 index opened in the green zone on Tuesday, up by 22.56 points and lost the positive momentum at the end of the day, closing at 7,023.48 points with a loss of 33.78 points. Sensation linked with the meeting of KSE delegations with the finance minister fizzled out during early trading hours when the early gains failed to get the support of turnover. Lackluster and dull activity failed to digest even the low quantum linked to the upcoming closing, benchmark although averted major slump, red numbers dominated the session. Trading activity was alarming as the ready market volume squeezed to 86.428mn shares as compared to last trading sessions 98.404mn shares. Total trading value of the market remained Rs3.566 billion against Rs5.746 billion of last session. Market capitalisation also decreased to Rs 2.082tr from Rs 2.091tr of last trading session. Of 308 active symbols at the Karachi stock market, 114 gained value, 166 lost and the worth of the shares of 28 cos remained unchanged. Outcome of the meeting that was being kept as a secret did come out in form of rumours suggesting some technical changes in the prevailing and newly introduced tax pertaining to local equity market, unofficial whispers in the arena suggested that a members meeting will be called to provide them brief regarding the outcome of the meeting. It is anticipated that KSE board will ask the Finance Ministry to reduce the FED to 9 percent from 16 percent, said Shahid Ali of HMFS. Cement sectors leader DGKC was the volume leader of the day with a turnover of 9.076 million shares on Tuesday. Among other noted shares were HUBCO with 7.355m shares, JS Growth 6.036m shares, AHSL 6.001m shares, Pak PTA 4.913m shares, JSCL 4.879m shares, OGDC 4.145m shares, PTCL 3.253m shares, Attock Refinery 3.083m shares, MCB Bank 3.071m shares, Lucky Cement2.674m shares namely. Leading gainers at the KSE include Unilever Pak, up by Rs8.97/share with the trading of only 20 shares, followed by National Refinery, gaining Rs4.74/share to close at Rs221.03, Pak Refinery Ltd added Rs3.62/share and its value was improved to Rs76.18, Searle Pak gained Rs2.24/share and closed at Rs47.12, Bata Pak up by Rs2.22/share to close at Rs616.17, Pak Petroleum gained Rs2.15/share and closed at Rs187. Fazal Textile, on the other hand, lost Rs10.70/share and closed at Rs361.30 with a turnover of 800 shares, Exide Pak down by Rs4.99/share, closing at Rs155, Lakson Tobacco lost Rs4.50/share to close at Rs154, Millat Tractor lost Rs3.80/share and its value was decreased to Rs279, Shezan International down by Rs3.33/share and closed at Rs118, Shahtaj Sugar lost Rs3.01/share, closing at Rs99.99, GlaxoSmithKline Pak lost Rs2.12/share and closed at Rs124.50. Uncertainty loomed over the final outcome of proposal to Finance Ministry of Stock Exchange brokers regarding imposition of Federal Excise Duty on KSE, stated market expert Ahsan Mehanti adding, lack of institutional activity, high liquidity cost and non-availability of leverage products lead to depressed activity at the stock market.