KARACHI - The last day of the week was a disastrous one for the Karachi stock market as it lost almost 2.7 per cent to end at a more than one-month low, as foreign investors offloaded their holdings as world markets fell on worry over the eurozone debt crisis. The Karachi Stock Exchanges benchmark 100-share index, which opened in the red zone with a loss of 26.04 points, ended 2.67 percent, or 281.65 points, lower at 10,271.47 on turnover of 181.11 million shares. The KSE 30-index closed at 10341.30 with a loss of 308.03 points. The KMI30-index closed at 15552.88 with a loss of 448.31 points while all shares index closed at 7231.64 with a loss of 184.78 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 181.113m as compared to last trading sessions 153.593m. Future market volume however stood at 3.953m shares as compared to 2.296m shares of last trading session. Market capitalization stood over Rs2.906tr, as total trades increasedto 82,365 as compared to last trading sessions 76,094, while 121 companies advanced, 264 declined and 16 remained unchanged. Highest volumes were witnessed in TELE at 24.774m, closed at Rs3.76 with a gain of Re0.18, followed by NIB at 18.463m, closed at Rs4.07 with a loss of Re0.27, and LOTPTA at 13.968m, closed at Rs11.30 with a loss of Re0.48. Ahsan Mehanti at Shehzad Chamdia Securities said, 'Fall in global commodity prices led by crude oil near to $78, continuing foreign selling and uncertainty over federal budget announcements played a catalyst role in the negative activity. Some news that affected the trading activities at the market were: 5.1pc budget deficit target seen doable; foreign debt at $54.23bn; FX reserves rise to $15.04bn; SMEs modernization: SBP enhances scope of refinance facility; and inflationary impact of VAT to be 1-1.5 percent: FBR chief. Since the recent rally has been initiated by and is being led by, offshore participants, declining trend in international and regional markets, increased the likelihood of aggressive foreign selling (as has been warned before) in the local bourse forced locals to liquidate their holdings, only this time the off-shore followed the locals, when the locals dumped the stocks mainly accumulated as a follow-up of foreign buying. Expensive stocks may only be accumulated on technical calls, with stop losses identified, while stocks offering double digit yields and are available at low multiples can be held for comparatively high period. Hasnain Asghar Ali at Aziz Fida Husein said, The changes in the developed economy, may offer some relief to the local economy mainly due to decline in oil prices, while on the other hand, declining Euro might hit the local exports to the EU, being calculative and selective may therefore prove prudent for both short and medium term bets.