KARACHI - The stock market saw more losses on the last day of week and panic sell-off continued as local investors preferred to off-load their holdings ahead of budget; sending the KSE 100-index to a two-and-a-half month low following a sell-off in regional markets. The Karachi Stock Exchanges (KSE) benchmark 100-share index fell 1.22 percent, or 122.24 points, to 9,871.16 points on turnover of 74.73 million shares. The KSE-index ended at 9,784.98 points on March 10. On the other hand, the KSE 30-index closed at 9922.16 with a loss of 159.46 points. The KMI 30-index closed at 15013.98 with a loss of 240.77 points. All shares index closed at 6938.65 with a loss of 80.22 points. Trading activity was better as compared to the last trading session as the ready market volume stands at 74.734m as compared to last trading session 66.313m. Future market volume, however, stands at 3.527m shares as compared to 2.280m shares last trading session. Market capitalisation stands over Rs2.783tr. Total trades increases to 53,483 as compared to last trading session 47,761. Some 138 companies advanced, 226 declined and 24 remained unchanged. Intense selling continued as Asian markets drop over European debt crisis. Fall in international oil prices near to $67, global capital markets fall, uncertainty over next monetary policy stance and foreign selling played a catalyst role in negative activity at KSE despite intra day support by state-run mutual funds, said Ahsan Mehanti, Chief Executive Officer at Shahzad Chamdia Securities. Highest volumes were witnessed in LOTTE at 13.547 million closed at Rs9.70 with a loss of Re0.03 followed by AHSL at 4.736 million closed at Rs40.46 with a gain of Re0.94, JSCL at 3.448 million closed at Rs15.00 with a loss of Re0.04. Loud sell-off continued right from the word go thus shattering away even the prospective buyers who have been eyeing index level for making an entry, thus forcing low volume price erosion, although the events like such have stayed a prominent feature in previous session, intensity was indeed high on the last session of the week. The expensive stocks were the main victims of the selling, initiated by the high net worth and corporate participants, as they most probably are seeking and exit ahead of budget, while some might be addressing the redemption calls. Although similar trend has been observed in previous years wherein lull and bear-run sets in ahead of budget, and that changes post announcement, this time however implementation of CGT and its repercussions that will start with reduction in turnover and increase in impact cost seems to be the worry some situation, thus allowing the liquid participants to take chance of post budget scenario, while the stake holders desperately look to liquidate their holdings. Various other issues, including declining trend in international bourses, judicial matters concerning both political and internal matters kept the buyers away from the local equity market regular participants, both corporate and retail were seen accumulators on abnormal declines, low quantum and short term horizon however never allowed the activity to impact the market in a big way. The activity did restrict the unprecedented decline, as the index was down 1.75pc at one stage. Increase in leverage position in the index heavy weight continued to place the stock on adjustment mode, massive sell-off expected in case of huge offloading by off-shore participants is still feared, thus disallowing even short term traders to take chance, restricted decline in the stocks however kept the overall decline confined.