OUR STAFF REPORTER KARACHI - The Karachi stock market closed down on Monday amid low institutional and foreign investor interest. The investor sentiment was remained under pressure due to volatility in the global capital markets and gloomy economic outlook despite record earning announcements in oil, banking and fertilizer sectors. The Karachi Stock Exchanges 100-share index lost 38.35 points or 0.32 per cent to close at 11,916.02 points on the market turnover of 45.49 million shares. The KSE market capitalisation amounted to Rs3,169.31 billion or $37.48 billion while total ready market value recorded at Rs1.52 billion or $18.02 million yesterday, the KSE statistics said. The KSE-30 index share finished at 53.31 points or 0.46 per cent to 11,555.03. The KSE future volume came at 1.40 million shares while it value was at Rs129.61 million with 5.91 per cent spread rate, according to daily market report. Lotte Pakistan PTA, Fauji Fertilizer Bin Qasim Limited, Jahangir Siddiqui & Co. and Azgard Nine and DG Cement were the top five volume leaders at the KSE on Monday. Extended selling in the high priced stocks had a louder impact on the local bourse due to future roll-over and low volumes, thus pushing the benchmark in deep red during initial trading hour. However, speculative recovery in index heavy weight OGDC, supported by value buying in handful main board stocks, offering consistent dividend yields allowed the benchmark to recover early losses, said a market analyst at Aziz Fida Hussein & Co. The low turnover made life miserable for the roll-over participants that kept the wider market in red zone, he said. The budget revelations for the fiscal year 2011-12 such as introduction of new taxes and increase in existing have brought the entire economic engine at a standstill, as the majority of participants await budget, according to the analyst. The materialisation of governments plan of resolving circular debt and revamping of oil and gas exploration sector might offer an interim trigger to the market in the upcoming trading sessions, he opined. Caution is likely to prevail for a while with mild accumulation in safer stocks, escaping threats hitting majority sectors, some due to high input and low demand, some due to high debt and gas curtailment while some likely to witness increase in existing tax slabs, he advised.