KARACHI: Stocks continued to bleed profusely on Tuesday and the KSE-100 caved in under the intense selling pressure.

It plunged 398.04 points (0.98 per cent) to close at 39,634.13 points.

Prevailing complex political and economic situation cast a pall of gloom over the market. Investors opted to square their positions ahead of the upcoming MSCI rebalancing due at the close of trading on Thursday (Nov 30).

Several analysts said that the resurgence of SECP`s investigationintoleakage of trading data at the PSX and its possible outcome caused anxiety in the minds of the investors. SECP acting chairman Zafar Abdullah had taken up the long-lingering problem in right earnest and a team of apex reg-ulator was at the bourse trying to sniff the trail leading to the perpetrators.

The trading remaineddull at PSX where the volume edged higher 2pc over the previous day to 113m shares while the tradedvalue increased 26pc to Rs5.37 billion.

The retail favourite KEL, which was down 2.1pe,accounted for a fourth of the day`s turnover.

Foreign and most local participants sold stockswhich was absorbed by `companies` buying net $6.5m worth stocks.

`Activity was seen in Engro Corp as the budding energy conglomerate signed a pact for another LNG terminal while participants were busy trying to pre-empt trading `calendars` for Engro Corp`s upcoming ejection from MSCI Emerging Markets Index`, stated dealers at Topline Securities.

PPL was down 2.5pc, OGDC 1.9pc, Lucky Cement 2.4pc, PSO 2.7pc and POL 1.7pc, eroding 168 points from the index while Engro Corp 1.6pc, PAKT 5pc, UBL 0.8pc, SCBPL 4.5pc and IGIIL 1.7pc, adding 67 points.

On the sector front, E&P shed 119 points as oil prices dipped overnight due to rising US output ahead of Opec`s meeting on the 30th. Cement scrapped 55 points, OMC 50 points, fertiliser 35 points, banks 34 points and power 18 points from the index.