KARACHI - Bears once again won the battle as intense selling grabbed the local bourse amid significant rise in T-bill yields by nearly 35bps in SBP auction while the KSE 100-index sheds massive 137 points or 1.80 percent on Wednesday. Moreover, rupee instability, foreign selling and uncertainty over discount rate cut in monetary policy announcement on August 15 played a key role in negative performance of the market. It is important to note that the cut-off yield for 3-month and 6-month of T-bill was rejected by the central bank while 1-year cut-off yield increased by 34bps to 11.8643 percent. The top volume leading stocks turned bloody red, out of which few of them hit the lower circuit breakers. Almost all the Mansha stocks lost around 4pc plus during the day. Cement twins also hit hard by the change in wind direction. Despite much hyped about the future counter unable to impress the investor community with dismal performance and volume accounted for around 8pc of total volume. The local bourse opened 9.74 points up but like the past few session, index was unable to sustain the positive stance. Bourse closed the day 137.79 points down at 7536.98 points. Trading activity was better if compared to the last trading session. The market turnover stood at 111.208 million shares on Wednesday as compared to last trading sessions 82.216 million shares on Tuesday. Total trading value of the market remained Rs 5.75b against last sessions Rs 6.027b. Market capitalisation stands decreased to Rs 2.225tr ($26.78b) from Rs2.265tr of last trading session, showing a solid loss of Rs 40b. Moreover, of 413 actively traded cos at the Karachi stock market, only 116 companies advanced, as many as 278 declined while the worth of the shares of 19 stocks remained unchanged. Once again, Fauji Cement was witnessed as the volume leader of the day with a turnover of 7.914m shares, followed by DGKC with 6.176m shares, Adamjee Insurance 5.301m shares, Lucky Cement 4.933m shares, JSCL 4.776m shares, ARL 4.444m shares, Azgard Nine 4.167m shares, NBP 3.485m shares, MCB Bank 3.441m shares, OGDC 3.409m shares namely. Prominent gainers at the KSE include Rafhan Maize, up by Rs41/share to close at Rs1,640 with the trading of only 3 shares on Wednesday, Nestle Pak added Rs40.71/share and closed at Rs1,020.81, Unilever Pak gained Rs22.72/share and its value was improved by Rs2,035.33, Fazal Textile up by Rs15/share, closing at Rs327, Treet Corporation added Rs13/share and closed at Rs373. On the other hand, Al-Ghazi Tractor lost Rs8.55/share to close at Rs162.46, MCB Bank down by Rs8.28/share and its total value was decreased to Rs157.89, Colgate Palm lost Rs7.97/share, closing at Rs299.01, National Refinery down by Rs6.02/share and closed at Rs219.66, Adamjee Insurance lost Rs5.38/share to close at Rs103.39, ICI Pak down by Rs5.29/share and closed at Rs144.99. The question arises whether the hefty selling is justified by fundamentals or is there any other reason for the market to remain under pressure stated market expert Shahid Ali adding, few traders justify the present bearish spell occurred as a result of banks are trying to offload stocks inherited by the investors and brokers during last year cold days. The justification looks sound enough to be an adequate justification for the investor community. Over the last few days, we were persistently with our recommendation to stay away from the market and be watchful before making any new investment, he detailed.