KARACHI - The local equity market once again fell below the psychological level of 12,000 points on Thursday as slump in commodities prices sharply affected the sentiments of retail and corporate investors. The KSE 100-share index shed 74.18 points or 0.62 per cent to close at 11,962.18 points on market turnover of 64.35 million shares. The KSE market capitalization stood at Rs3, 176.51 billion or $37.47 billion while total trading value was recorded at Rs1.55 billion or $18.28 million respectively. The KSE 30-index lost 53.49 points or 1.79 per cent to close at 11,601.54 points mark. The KSE future volume came at 1.79 million shares its value was at Rs174.95 million with a spread rate of 3.49 per cent. Bearish sentiment prevailed throughout the trading session as investors awaited the outcome of Pak-IMF officials meeting for review on federal budget and release of next IMF tranche, said a market analyst. Ongoing political debate on the US raid on Pakistan soil on May 2 and security concerns in the city after grenade attack at Saudi Consulate affected the market sentiment, the analyst added. Following the trend in the international and regional equities and commodities markets, the local bourse after initial gains underwent a massive sell-off, led by the high priced and expensive stocks, threatened by the upcoming federal budget and the last monetary policy of the running fiscal, likely to be unveiled in last week of the month, said another analyst. The polluted economic and financial horizon and highly volatile political geo political scenario kept even the resident participants from making fresh bets in high priced stocks, thereby keeping low volume price erosion a constant feature of the trading session, according to the analyst. The stocks, reporting consistent growth and offering double digit dividend yields and away from various threats, however, invited equity specific funds on dips, while volumetric and speculative activity in ANL & JSCL did rescue the volume from entering the sinking levels, he opined.