KARACHI - Limited activity by investors and current law and order situation of the country led to negative movement at the Karachi Stock Exchange as benchmark 100-index shed 276 points on Monday. Investors at the KSE remained concerned over growing militancy in Pakistan and its repercussions for foreign investment in Pakistan. Moreover, outflow of $6.27m from local bourse by foreign investors played a catalyst role in prevailing bearish trend. The KSE-100 Index kicked-off the day, gaining 53.46 points and closed at 7,344.94 points, losing 275.93 points. Stock market witnessed days high level of 7,674 points on Monday. Trading activity was alarming as the ready market volume squeezed to 137.505m shares on Monday as compared to last trading sessions 224.899m shares on Friday. Total shares-trading value of the market remained 7.377 billion rupees as compared to 11.169 billion rupees on Friday. Market capitalisation also decreased to Rs 2.191 trillion, showing a heavy loss of nearly Rs 82 billion from last sessions Rs2.273 trillion. Out of 333 scrips at the Karachi stock market, only 56 companies advanced, 266 declined and 11 remained unchanged. Market experts were of the view that stock market is witnessing a seesaw ride as a consequence of political situation. The volume has shrunk way below to the Fridays volumes. Lucky Cement was the volume leader with the trading of 8.172mn shares. Other top-traded shares were OGDC with 7.266m shares, TRG Pakistan 6.728m shares, National Bank 5.669m shares, NIB Bank 5.667m shares, Pak Reinsurance 5.628m shares, Pak Petroleum 5.607m shares, Jahangir Siddiqui 5.422m shares, Nishat Mills 4.826m shares, Bank Al-Falah 4.666m shares namely. Prominent gainers at the KSE include Indus Motor and it gained Rs6.42/share, closing at Rs134.84, Atlas Battery added Rs5.64/share and closed at Rs118.51, IGI Insurance gained Rs4.21/share and its total value was improved to Rs111.13, Zulfeqar Industries added Rs3.99/share and closed at Rs83.89 with the trading of only 100 shares, Thal Limited gained Rs3.98/share and closed at Rs93.98, Berger Paints added Rs3.64/share and closed at Rs76.52, Shahtaj Sugar closed at Rs82.40, gaining Rs3.55/share. Leading losers include Wyeth Pakistan (SPOT) and it lost Rs69.20/share, closing at Rs1314.80 with the trading of only 220 shares in Monday, Attock Petroleum lost Rs12.65/share and closed at Rs293.37, Lakson Tobacco lost Rs10.73/share and its value was decreased to Rs204.25, Shell Pakistan closed at Rs229.60, losing Rs9.81/share, Hinopak Motor lost Rs9.65/share and closed at Rs185.32, National Refinery closed at Rs204.16, losing Rs9.58/share. The local bourses continued to follow the recently established trend as the market is hitting upper locks one day and lower locks the following day. The practice of avoiding to buy at lower locks and to sell at upper locks kept the profit-taking alive, said Hasnain Asghar Ali, leading market analyst. Corporate participants did come in for accumulation in board stocks plus low quantum, however, failed to have an impact while the sideliners abstained from participating mainly due to low turnover and rate erosion. Although the absolute impact of economic downturn will be witnessed in the corporate announcements for quarter end June 2009, the incoming announcements justify accumulation in main-board stocks; absence of ready board leverage is not allowing even the optimist to dare the highly liquid cartel and have to surrender despite having the capacity.