KARACHI - Karachi Stock Exchange has started the new week with dreary performance and the benchmark KSE 100-Index shed 21 points along with the low volumes mainly due to the deteriorating law and order situation, foreign selling as international capital markets plunged down over Lehman Brothers filed for bankruptcy protection coupled with economic woes. The KSE-100 index on Monday made a high of 9,253 then dipped down to 9,233 and closed down at 9,230 points, reflecting decline of 21 points. The free float KSE-30 declined by 10 points and closed at 10,117 points. While the trade activity remained weak as the ready market volume stood at 11 million shares, reflecting a decline of 1 million shares against the shares recorded a day earlier. Future market volume however decreased and stands at 0.894mn shares as compared to last trading session 1.140mn. Analysts said that fractional impact of the plunge in world shares markets in reaction of Lehman Brothers collapse was seen in Pakistani markets besides other concerns. However, selling pressure continued as investors remained concerned over the worsening economic indicators and security fears emerging from northern parts of the country. Rising current account deficit, falling rupee value and foreign selling pressure are weighing on investors sentiments, analysts added. Market analysts say the market would be eyeing the outcomes of both the foreign policy and economic front, as President Zardari scheduled to hold meeting with the Prime Minister Gordon Brown in UK. Analysts held a view that the benchmark index would remain sluggish for over the next few weeks; However, the expected meeting between President Asif Ali Zardari and Prime Minister Gordon Brown to discuss the burgeoning tension in the tribal belt of the country in view of the new development emerged following the statement of General Kiyani to retaliate any invasion could play a significant role if the meeting ended on a good note, which may help in restoring the confidence of foreign investors. According to the analysts foreign selling has been at heart of recent fall in local equities. During the last week, US$4.4mn foreign selling was recorded. But on Monday foreign investors invested US$1.6mn, which was a good sign for the share markets. Brokers said that supporting factors and the morale boosters for the shaky and massively battered investors were share buy back announcement by National Bank and OGDC, good corporate financial results and sharp fall in international oil prices, as the investors, who shifted their focus on local economy after the presidential election. Analysts expected some respite in the economic and political sides following the thumping victory of President Asif Ali Zardari and confirmation of Saudi oil facility that would also result in the removal of new emergency measures of KSE board. Brokers said that although measures taken by the KSE board have paved the way for reducing volumes but it had saved the battered investors and members from default. The overall market capitalization ended at Rs2.880 trillion on Monday, reflecting a decline of Rs6b. While a total of 159 scrips were traded today, out of 17 advanced, 47 declined while 95 ended unchanged. Descon Oxychem Ltd topped the volume list with 1.5mn shares, its shares declined by Rs2.13 and closed at Rs9.74. NIB decreasing Re8 closed at Rs8.53 with 1.4mn shares. Fauji Fertilizer declined by Rs1.49, closed at Rs100.01 with 1.2mn shares, while Engro Chemical shares remained unchanged at Rs183 with 3.21.1mn shares turnover.