KARACHI - The bears returned to the local equity market on Tuesday due to a fresh spell of political instability that emerged after the quitting of the Muttahida Qaumi Movement (MQM) from the federal cabinet. Besides, some serious concerns expressed by the Board of International Monetary Fund over deteriorating fiscal deficit position and the implementation of pending Reformed General Sales Tax system kept the investors away from the equity market. The KSE 100-index closed at 11,848.05 points with a loss of 61.68 points. The index had reached 11,909.73 level on Monday. Volume was recorded at $110.1 million shares against 85.156 million shares traded earlier. The KSE market capitalization accounted for Rs3, 221.65 billion or $37.52 billion while total ready market value stood at Rs4.97 billion or $57.89 million. The KSE 30-index closed at 11,403.42 level, showing a decline of 59.85 points or 0.52 per cent from the previous level of 11,463.27. KSE future volume attracted 2.96 million worth shares, translating into future value of Rs298.69 million, whereas KSE future spread was at 5.68 per cent Monday. Fauji Fertilizer Bin Qasim Limited, National Bank of Pakistan, Arif Habib Corporation and Fatima Fertilizer Company, and Jahangir Siddiqui Company were the top volume leaders throughout the entire trading course of market. According to the daily market report, the benchmark opened on a negative note. Renewed buying interest in Fauji stocks from fertilizer sector (despite being technically overbought), and NBP along with group inspired activity in various textile sector stocks cherished the mark-men, as certainly the activity that on one end offered short term activity while on the other gave the portfolios an opportunity of sector swapping. Stocks carrying high debt burden, with indications on continuity of rising trend in local interest rates mainly due pressures on main variables, inflation and government borrowings, along with the listed companies facing decline in local and export sales faced off-loading both by the corporate and retail participants, despite support of respective groups in some, the good-omen that partial funds were duly placed in the main board stocks offering consistent yields kept the equation balanced, while portfolio dressing activity in various speculative stocks kept the turnover ticking, the report stated. It mentioned that gloomy economic financial and political runway, that can not be and should not be ignored will continue to keep the pressure intact at the local equity markets, volumetric influx by local holding companies, financial groups having listings at the local bourse, activity by high net worth clients and activity through off-shore accounts will keep short term trading opportunities available. The expected reintroduction of CFS-MKII with handful basic amendments can return the lost glory of the local equity markets, it added.