KARACHI - Intense selling forced the local bourse to fall below 9,500 psychological barrier on Monday as the benchmark-100 index shed massive 254 points or 2.64 per cent to close at 9,409 points. Sell-off in Oil and Gas exploration and marketing stocks kept the benchmark under pressure, while stocks trading at comparatively low multiples, digestible by the local strength witnessed accumulation on dips. Triple digit decline kept the high priced stocks of almost all the sectors, mainly banking and fertilizer, under pressure thereby allowing the benchmark to adjust in accordance to the monetary stance, to be unveiled in the policy announcement, expected on Tuesday. Hasnain Asghar Ali of Aziz Fida Husain Company said that the correction from early hours turned into eruption, by the day end with price erosion a prominent feature, since the variables being followed still suggest a neutral to slight decline in the interest rates. He said that limited expectation of significant change in policy rate, correction in global equity markets, fall in international oil prices led to negative sentiment after majority results for June quarter were announced at KSE. The local bourse started the day gaining 5.26 points while KSE-100 index was unable to sustain the positive movement at the end. After witnessing sessions lowest level of 9,359.58 points, benchmark closed the day at 9,409.58 points with a loss of 254.67 points on Monday. Meanwhile, junior KSE 30 index closed at 1,0109.88 points, shedding 325.41 points. Portfolio Investment Trading activity was dropped to 347.128 million shares as compared to last trading sessions ready market volume of 454.572 million shares. Out of 414 actively traded stocks at the Karachi market, at least 194 managed to advance, 202 declined while the worth of the shares of only 18 cos remained unchanged. Market capitalization squeezed to Rs 2.730tr against Rs 2.795tr of last session, showing a solid loss of Rs 65b in just one session. Total trading value of the KSE decreased to Rs 14.222b as compared to Rs 20.352b of last session. For the last couple of weeks market resembles a slingshot ride, when a marbles is forced to travel in a speedy manner after being shot. Once the slingshot rubber throw the marble after stretching backwards it reminds me of correction or dull phase before the market travel upwards, stated analyst Bilal Asif at HMFS. Despite hefty support from the foreign investors, market may take a deep breath before starting any new journey, Bilal added. Majority of the stocks traveled downwards with hefty volumes, which can be termed as a correction phase. Bull was comprehensively beaten by bear after a long time. JSCL was crowned as the volume leader of the day with the trading of over 36 million shares on Monday, followed by Cement Giant DGKC with 22.429m shares, Lucky Cement 16.964m shares, AHSL 16.842m shares, PTCL 15.896m shares, Pak PTA 14.446m shares, BOP 11.175m shares, Nimir Chemical 10.613m shares, ANL 8.086m shares, WorldCall Telecom 7.436m shares namely. Top gainers at the KSE include Siemens Pak Engineering, up by massive Rs60.21/share to close at Rs1,411.84, Unilever Food added Rs58/share, closing at Rs1,400, Dreamworld gained Rs27/share and its total value was improved to Rs595 with the trading of only 1 share, Unilever Pak up by Rs21/share and closed at Rs2,250, Millat Tractors gained Rs16.61/share to close at Rs400.37. On the other hand, Wyeth Pak lost Rs43.88/share to close at Rs1,206.12 with a very small turnover of only 87 shares, Nestle Pak down by Rs30/share and its value was decreased to Rs1,125, PSO lost Rs13.97/share and closed at Rs316.23, Attock Petroleum down by Rs12.46/share, closing at Rs366.96, MCB Bank lost Rs11.23/share and closed at Rs225.64.