KARACHI: The local bourse extended the losses into the second day on Wednesday with the KSE100 index closing down by 302 points (0.58 per cent) at 51,511.

The cumulative losses in the two days stood at 1,335 points from Tuesday`s intra-day all-time high at 52,847 points. The gaining stocks were 86 in number, at par with 86 stocks on the losing side.

The volume remained flat at 372 million shares from 378m shares a day ago. The traded value decreased to Rs18 billion from Rs23bn.

Investor interest shifted to secondand third-tier scrips with top five volume leaders clocking in a combined turnover of 113mshares. The index started on a positive note and made the intraday high of+135 points but as proht taking set in, the benchmark began to recede.Profit booking was prominent in stocks included in MSCI FMindexasinvestors thought that some may have become over-valued in therun up to the MSCI announcement. MCB lost 3.47pc, HBL 0.90pc, UBL 0.57pc, LUCK 0.28pc and OGDC 0.02pc, taking away 125 points from the index.

Otherdrags ontheindex were HUBC, which fell 1.2pc and AICL 4.6pc, while ISL rose 2.1pc, DAWH 0.9pc, MTL 1.1pc, SEARL 0.9pc and ENGRO 0.3pc, adding 38 points to the index.

From sector perspective, banl(s were the worst affected, which together eroded 146 points from the index. Cements, oils and gas, fertilisers and power also saw major selloff.

Steel stocks were resilient with INIL gaining 2.28pc, ISL 2.14pc, and CSAP 0.65pc, closing in the green. Major laggards on the oil sector were POL, which lost 0.88pc and OGDC 0.02pc.