KARACHI- The Karachi stock market, after initial resistance on the back of index heavy weights, failed to sustain the pressure and shed 175.62 points to close at 8936.48 points on Friday. The market opened in green zone with a gain of 13.62 points, however, the momentum could not continue and at the end of the day closed in red zone. KSE 30-index closed at 9396.44 with a loss of 231.26 points. KMI-30 index closed at 12903.46 with a loss of 229.68 points. All shares index closed at 6352.54 with a loss of 119.15 points. Trading activity was minimal as compared to the last trading session as the ready market volume stands at 97.121m as compared to last trading session 146.553m. Future market volume however stands at 2.013m shares as compared to 2.191m shares last trading session. Market capitalisation stands over Rs2.589tr. Total trades increase to 79,504 as compared to last trading session 110,637.As many as 131 companies advanced, 238 declined and 19 remained unchanged. Highest volumes were witnessed in JSCL at 10.275 million closed at Rs29.48 with a loss of 1.55 followed by AHSL at 7.298 million closed at Rs 48.10 with a loss of Rs2.22, NPL at 4.875m closed at Rs13.78 with a gain of Rs.1.00. Hasnain Asghar Ali at Aziz Fidahusein said mixed opening amid low turnover reinitiated low volume price erosion and the benchmark after initial resistance on the back of index heavy weights, failed to sustain the pressure and went in red zone. With local interest deteriorating mainly due to absence of positive triggers and unavailability of carry over mechanism, dollar-based activity was awaited, while the sell-off ahead of extended week-end continued mainly in the expensive stocks. The erratic activity by off-shore participants gives an idea that probably due to high impact cost and high chances of price erosion rapid inflows are being reported to build the sentiment for an easy exit, the stubborn local are unlikely to get trapped, as most of the activity is being done for short term, with strict stop losses. With concerns of economic front still lingering the local liquidity will wait for further discounts, wherein multiples are low and dividend yields are high, at least in double digits, relative calm on law and order and easing up of political issues did allow cautious activity in low priced stocks. While snap rallies mainly to build the sentiment were visible in group specific stocks, activity most likely initiated by the sponsors themselves. The statement by Finance Minister regarding resolution of circular debt issue in 40 days of estimated Rs 60 billion and release of IMF tranche of $1.2 billion did invite a short spell of recovery, day end however faced renewed selling spell. Approval of MF product by the regulators was expected by some to become a trigger but ground realities defer from the assumption as only a user-friendly ready board leverage product can become a trigger. Thus allowing the local strength to improve, besides allowing the local equity markets to reinvite high turnover up to the potential, the reason that brought the local bourses on the radar of international fund managers.