KARACHI - The stock market remained depressed throughout the trading session on Monday despite support from state-run funds and expectation of stock exchanges delegations meeting with Senate Steering Committee this week on capital market tax issues. Failure of the assumptions of a lenient view by FBR regarding various modalities of CGT implementation, to materialize as were publicized in the previous session, that indeed restricted likely sellers from continuing the selling spree, had no second thoughts, but to sell, since the meeting not only failed to address the ambiguities forwarded by the members, the new proposal of implementation of CGT on sale from July 01,10, added to the misery. The KSE 100-index, which opened in the red zone with a loss of 156.61 points, closed at 9229.60 with a loss of 241.52 points. The KSE 30-index closed at 9134.63 with a loss of 277.66 points. The KMI 30-index closed at 14122.11 with a loss of 332.99 points. All shares index closed at 6475.49 with a loss of 171.25 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 89.526m as compared to last trading sessions 67.859m. Future market volume however stood at 5.270m shares as compared to 3.258m shares of last trading session. Market capitalization stood over Rs2.598tr. Total trades increased to 57,661 as compared to last trading sessions 46,430. 84 companies advanced, 328 declined and 16 remained unchanged. Highest volumes were witnessed in LOTPTA at 12.231m, closed at Rs8.70 with a loss of Re0.62, followed by WTL at 5.350m, closed at Rs3.16 with a loss of Re0.35, and TRG at 5.105m, closed at Rs4.57 with a loss of Re0.39. Intense selling was witnessed as meeting between brokers and FBR official failed to ease investors concerns over Capital Gains Tax. Analysts said the index opened with a triple digit decline as the local participants, both retail and corporate, dumped their holdings at available market rates. They pointed out that keeping in view their PE multiples in comparison to the local strength that stays clipped due to absence of CFS MKII, absence of buyers on intervals added to the panic and the index in no time lost more than 3% amid low volume price erosion. They said efforts were underway to en-cash the news regarding meeting of the stock exchange delegation with the finance minister, to trigger short covering through hand shift. They added that all in vain since the stakeholders and the resident participants stayed on a selling spree, so were the foreign participants, as not much is expected inform of relaxations. They said pressure from redemptions that indeed are triggering due to the likely repercussions of CGT on local bourse, and the threat linked with massive onslaught.