lahore - First day of the business week Monday was also gloomy and depressing as all bourses witnessed tumbling of their shares while Karachi Stock Exchange (KSE) shares slid a further four percent with no clue of relief from the massacre which has lost 22 per cent of its value in its six consecutive drop since market regulators removed a "floor" on the country's benchmark index imposed to stop colossal losses to investors and brokers. The KSE-100 shed further 296.96 points to close at 7,217.46. The market fell below the 8,000-point level for the first time after 2005 while fifteen scrips recorded gain, 161 landed in the negative column and five remained unchanged out of a total of 181 companies. The Karachi Stock Exchange had been at a virtual halt since August, when regulators imposed the lower limit on the KSE-100. As soon as the full operations resumed just a week ago the market is falling unabatedly. Volume on Monday was a meagre 28 million shares, barely more than 10 percent of the average 250 million shares traded daily last year and down by 60 million shares compared to Friday trading. Volumewise leader remained Arif Habib Bank shares. Senior brokers and analysts are of the view that market would only get a respite if government concerned authorities come forward and take measures to rescue the market. They further revealed that government's oft-promised 20-billion-rupee (250-million-dollar) bailout package should be injected as early as possible because acute liquidity crunch is swallowing the values of bourses. Another broker was opined that this downward trend of bourses is likely to continue until government has not yet finalised the package and pumped in the liquidity. The International Monetary Fund has recently awarded Pakistan a 7.6-billion-dollar credit line to help stave off a balance-of-payments crisis but deterred to share the liquidity with bourses. However, according to reports published in a section of press revealed that now they have permitted for the same when bourses were plummeted to such an extent that it would take time to recover. Another analyst was of the view that continue receiving the battering of the bearish sentiments that hovered around in the markets was very much expected but investors were optimistic that government would certainly come forward to rescue the markets to protect the confidence of the investors to shatter but all hopes of salvaging the market dashed to ground and now bourses had been reached at the edge of moribund condition. He believes that trading in the markets would remain sloppy until the settlement of shares valuing Rs11 billion existing in the CFS market. On the other hand, Lahore Stock Exchange (LSE) remaining lacklustre saw the LSE-index shedding 108.56 points and wrapped up at 2006.9 points. Besides, Islamabad Stock Exchange (ISE) on Monday for the sixth consecutive day suspended trading after witnessing 5 percent lower locks at the onset of business session. Analysts believe that the trading would continue remaining sloppy until the settlement of shares valuing Rs11 billion existing in the CFS market. Arib Habib Bank was the leader volumewise on Monday which lost its value to Re 0.88 closed at Rs 4.97 with volume of 4,136,500 shares followed by NIB Bank which contrary to Friday trading also lost value to Re 0.50 closed at Rs 4.23 with volume of 3,648,500 shares. TRG Pakistan, JS Bank Limited and Zeal Pakistan scrips also dipped down to Re 0.17, Re 0.57 and Re 0.04 closed at Rs 1.97, Rs 4.89 and Re 0.60 with volumes of 2,597,500, 1,851,000 and 1,536,000 shares respectively. While Pak Prem Fund and Prud Mod first remained in advance column and gained Re 0.05 and Re 0.02 closed at Rs 2.87 and Rs 1.06 with volumes of 356,000 and 166,000 shares respectively. Pakistan Cement, Bosicor Pakistan and Bank of Khyber lost their values to Re 0.32, Re 0.58 and Re 1.00 closed at Rs 2.53, Rs 4.36 and Rs 5.74 with volumes of 1,501,500, 1,252,000 and 1,140,500 shares respectively. Meanwhile, the KSE-30 index also dipped down and shed 385.69 points wrapped up at 7295.56 points while KMI-30 index also tumbled detaching 423.56 points closed at 8445.22 points. APP adds: KSE has announced clearing schedule for the T+2 system and trading and settlement in the future markets for January 2008. According to KSE, for January future contracts, the closing day will be January 30, 2009 for contract starting 22.12.2008. The settlement date will be February 3, 2009. As mush as 42 companies are on future contract list. For T+2 system, the settlement day will be after two days except Thursdays and Fridays when the settlement day on Monday and Tuesday.