KARACHI - The stock market closed almost flat on Monday because the reintroduction of margin buying was not finalised in a meeting on Friday between the Karachi Stock Exchange authorities and the Securities and Exchange Commission of Pakistan (SECP). However, it was decided that a final document would be submitted to the SECP by next week. The Karachi Stock Exchanges (KSE) benchmark 100-share index, which opened in the green zone with a gain of 4.21 points, closed at 9,979.07 after gaining 4.67 points. Turnover fell to 64.70m shares, compared with 102.75m shares traded on Friday. The KSE 30-index closed at 9852.05 with a gain of 19.13 points. The KMI 30-index closed at 15084.69 with a gain of 31.42 points. All shares index closed at 6993.30 with a gain of 3.06 points. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 64.074 million as compared to last trading sessions 102.747 million. Future market volume however stood at 3.031 million shares as compared to 5.129 million shares of last trading session. Market capitalization stood over Rs2.806tr. Total trades decreased to 49,739 as compared to last trading sessions 63,480. 162 companies advanced, 204 declined and 15 remained unchanged. Highest volumes were witnessed in BYCO at 7.572 million, closed at Rs12.56 with a gain of Re0.49, followed by DGKC at 5.618 million, closed at Rs27.20 with a gain of Re0.38, and JSCL at 3.620 million, closed at Rs12.83 with a loss of Re0.19. The analysts said, The local corporate and resident participants stayed in an upbeat mood right from the opening, getting the inspiration from rising trend in international and regional oil and equity markets. They said high numbers of $ inflow by off-shore participants and mainly on the development regarding the re-introduction of leverage product, the benchmark breached and sustained the magic number of 10,000 for most part of the session, day-end however witnessed meltdown. They pointed out that although the level was achieved previously, the rally then was inspired and led by offshore participants, thus disallowing the local sentiment to improve, accumulation by the local corporate participants did invite jubilant retailers to follow the pursuit. They said horizon was however restricted to day trade mainly due to financial constraint being due to absence of leverage facility, thereby inviting stagnation around midday, the stake holders clearly looked disappointed, since the salient features of the new product were not made public. They said turnover however failed to stay par with the local sentiment, mixed rumours regarding main features of the newly designed leverage product kept the market-men confused. They said since the upcoming results are likely to stay in a neutral zone, improvement in local strength through a flexible product can only allow the main board stocks trading at comparatively lower multiples to re-invite price discovery.