KARACHI - The Karachi stock market witnessed a dull session on the first day of the week and the KSE 100-share index closed marginally higher as investors were still confused about the modalities of the Capital Gains Tax. The KSE 100-index, which opened in the red zone with a loss of 3.82 points, closed at 9662.62 points with a gain of 16.91 points. Volume was 66.95 million shares, compared with 134.42 million shares traded on Friday. The KSE 30-index closed at 9543.02 with a gain of 47.63 points. The KMI 30-index closed at 14684.80 with a gain of 16.19 points. All shares index closed at 6776.96 with a gain of 11.60 points. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 67.019 million as compared to last trading sessions 135.310 million. Future market volume however stood at 2.624 million shares as compared to 5.400 million shares of last trading session. Market capitalization stood over Rs2.714tr. Total trades decreased to 43,705 as compared to last trading sessions 85,490. 144 companies advanced, 229 declined and 25 remained unchanged. Highest volumes were witnessed in PSAF at 14.106 million, closed at Rs6.87 with a gain of Re0.61, followed by BOP at 4.846 million, closed at Rs11.35 with a gain of Re0.46, and BYCO at 4.125 million, closed at Rs10.12 with a gain of Re1.00. The analysts said after initial volatility on both sides, stagnation re-emerged as the market-men awaited outcome of the high profile meeting having CFS revival as the sole agenda. They said since elimination has badly hit the local bourse, both on turnover and price discovery chances stay high that the eliminated product will be re-introduced after making couple of modifications. They said dips and strength in various main board and mid-tier stocks did invite reaction from both retail and corporate participants, thus, allowing the turnover to keep ticking. They said selective activity towards closing however allowed the benchmark to close positive, turnover and value of traded shares however stayed extremely low. They pointed out that with economic front still posing threat mainly due to irking and unsettled circular debt. They said rising trend in government borrowing with various decisions likely to have inflationary impact still pending the monetary stance will continue to stay stringent, thus, disallowing the local equity market to invite new participants. They informed that release of KL amount due for the year along with full and final settlement of PTC privatisation may however allow the government some fiscal space, as the amount can be directed towards settlement of circular debt.