Karachi: Amid uncertainty in the global equities market the bears remained on the driving seat at Pakistan stocks market on Monday. The KSE 100 index dropped further 321 points or 0.66 percent to close at 48,888 level led by banks. Fertilizer stocks outperformed on Government’s decision to reverse withdrawal of urea subsidy. Weak global crude prices invited pressure in oil stocks. Concerns over weak exports and foreign outflows played a catalyst role in bearish close, senior analyst Ahsan Mehanti observed. Investors turned skeptical after SECP directive to local mutual funds to maintain at least five percent of net assets in cash. Since mutual funds remained major buyers in last few months against hefty foreign selling, said analysts at the Topline Securities. Massive sell off in banking sector was witnessed as the blue chips HBL, UBL and MCB contributed 210 points to the fall. Overall, volumes decreased by 38.5 percent to 316 million shares, while value declined by 8.9 percent Rs 20.2 billion/$194 million. On Friday 543 million shares were traded at the bourse while the value of traded share stood at Rs22.6 billion/$215 million. K- electric emerged as the volume leader with 22 million shares traded followed by Sui Southern Gas Company 18 million, Telecard Limited 10 million, 1st Dawood Bank 6 million, National Bank 6 million, and Aisha Steel Mill 6 million. On Monday shares of 419 companies were actively traded at the bourse out of which shares of 133 companies ended in green, 269 in red, while 17 remained unchanged. According to market players the index can ease towards a cluster of supports between 48,694 and 48,547 levels. Any recovery from the aforesaid support area would aim for 49,380 level.