KARACHI - Terrorist activities and uncertainty over South Waziristan operation ruined the upward movement of the local equity market on Monday as intense selling turned the KSE 100-index deep red, shedding massive 426 points or 4.34pc to close at 9,411 points. Mild positive opening faced immense selling pressure mainly in main board stocks wherein price erosion was a prominent feature as the cautious buyers accumulated stocks on discounts. Low quantum bids, however, created panic amongst the sellers thereby leaving no option for the sellers, both local and dollar based, to sell at best available rates thus settling the benchmark on a free fall command amid massive price erosion. Limited foreign interest, Tehran suicide bombing and retail/institutional selling on political and economic uncertainty remained major concerns among investors while security issues in the country played a catalyst role in negative activity at the KSE, stated analyst Ahsan Mehanti at Shehzad Chamdia Securities. The KSE 100-index was positive in the opening, up by 17.41 points and market dramatically turned deep red during the session, making a low of 9,384.10 points on Monday. However, benchmark index closed the day at 9,411.29 points, showing a loss of massive 426.83 points. Meanwhile, junior KSE 30-index was also unable to resist the strong opposite winds and shed 478.61 points to close at 9,962.96 points, flouting the 10,000 points level. Trading activity was minimal as compared to the last trading session. The ready market turnover squeezed to 214.452 million shares against last trading sessions 243.884 million shares. Stock market capitalisation dropped to Rs 2.728tr from Rs 2.848tr of last session, showing a solid loss of Rs 120b in just one session. Moreover, Out of 405 active scrips at the local bourse, only 75 managed to advance, as many as 311 declined while the value of the shares of 19 stocks remained unchanged. Interpreting the likely impact of the ongoing operation on the dollar inflow, its likely consequences on the law and order situation, rising trend in oil prices and its impact on inflationary pressures locally, certainly left no choice for the local participants but to sell as even if the dollar based change their strategy from buy to hold the local equity markets are unlikely to sustain the prevailing levels, as the local strength have been reduced mainly due to absence of ready board leverage and now due to 'client level margining thus disallowing renewed buying interest at current levels. Market may lose further ground in upcoming sessions as investors looked nervous throughout the session and this nervousness can lead to additional corrosion, while positive developments over Army operation and NRO matter can support the sentiments of the investors, said M Faraan, a stock broker. AHSL was witnessed as the volume leader of the day with a total turnover of 30.794 million shares, followed by Bank Al-Falah with 27.132m shares, JSCL 13.519m shares, NIB Bank 9.343m shares, Netsol Technologies 8.009m shares, PTCL 7.425m shares, Pak PTA 5.786m shares, FFBL 5.671m shares, OGDC 5.540m shares, ANL 4.788m shares namely. Bata Pak topped the gainers list, up by Rs20/share to close at Rs920, Treet Corporation added Rs12.49/share and its value was improved to Rs262.40, Sanofi-Aventis gained Rs9.36/share and closed at Rs212.17, Shahtaj Sugar Mills up by Rs7.02/share, closing at Rs147.56 with the trading of only 1 share, Shezan International added Rs5.50/share to close the day at Rs137. Prominent losers at the KSE include Rafhan Maize, down by massive Rs95.47/share to close at Rs1,826.01 with a tiny turnover of only 5 shares, Wyeth Pak lost Rs57.52 and its total value was decreased to Rs1313.87, Nestle Pak shed Rs48.11/share, closing at Rs1,201.49, Unilever Pak down by Rs35.61/share and closed at Rs2,239.39, Millat Tractors shed Rs17.21/share to close at Rs327.18.