OUR STAFF REPORTER KARACHI The Karachi stock market once again fell below the psychological level of 12,000 points on Tuesday due to selling by both local and foreign investors. The benchmark 100-share index closed at 11956.98 points with a loss of 79 points. Investors booked profits post major announcements at KSE. Fall in global stocks and commodities affected the investor sentiment throughout the trading session, analyst said. Lotte was the volume leader with 9.59 million shares, closed at Rs15.96, followed by Fatima Fertilizers with 3.99m shares, closed at Rs12.83, and Silk Bank with 2.77m shares, closed at Rs2.50. Analyst Ahsan Mehanti said PML-Q alliance with government in the federal cabinet was taken positive. Volumes remained thin with limited institutional & foreign interest in the earnings announcement session on investors fears on backlash after death of al-Qaeda chief on Monday and security concerns as violence paralysed the city. Analyst Hasnain Asghar Ali at Aziz Fidahusein said local equity market stayed in tight grip of bears, with low volume price erosion being a regular event, leading the meltdown were the high priced stocks, while various large cap stocks followed the pursuit, thus forcing the benchmark to under go triple-digit loss, by mid-day. Support by index heavy weight OGDC along with accumulation in various dividend yielder did restrict the losses for the day. Tense city and various threats that may come as a repercussion of OBL operation, added to the nervousness linked to upcoming budget left the handful market participants with no option, but to re-adjust themselves for a tougher investment environment ahead. Increase in discounts in certain stocks however continued to invite cautious accumulation mainly from the corporate front, low quantum although failed to resist the melt down, availability of buyers on intervals however made life easy for the exit-seeking participants. Caution therefore stays the call, while dips and adjustment in stocks offering consistent dividend yields and have been reporting growth despite a tough economic horizon, can be capitalized for placements while sell stays the call in the stocks in the stocks facing the wrath of high debt, increasing input cost and low local and export demand, gas curtailment and circular debt led run-down on cash reserves and operational cash flows, short term trades in the speculative frontlines stay subject to volumetric activity.