ISLAMABAD Pre-budget worries of new taxation and rising political uncertainty after US insistence on operation in North Waziristan Agency left traders in quandary that eventually resulted in 3.6 percent shedding of indexed value in local bourses during last week. Foreign players who remained bullish during the last few months were also noticed selling shares creating a somewhat panic in the trading floors during the week ending Friday last. Pundits were of the view that foreigners perhaps had received some sort of warning from their respective governments to square up their positions in Pakistan. Since the US Administration has been pushing Islamabad not to waste any more time in carrying out an army operation in North Wazir-istan, they must have alarmed their business people here about the retaliation from the Taliban in the bordering region. The position of political leadership in the country was also getting murky, as they have been leaving the timetable of the required operation on the army to decide. In such a state of indecisiveness on part of the government of Pakistan, the foreign fund managers were left with no option but to get on the sidelines as early as possible. That is why traders notice heavy selling by the foreigners in the local stock exchanges during the week that was. To start with the Karachi Stock Exchanges KSE-100 Index slipped by almost a couple of percentiles in one go. Local investor also preferred to join in the selling spree initially initiated by the foreign players. Therefore, the second session of the week under review went further bearish and market lost another two a half percentile on Tuesday last. Oversold market, however, managed to attract some buying on midweek. The market on Wednesday recovered only a portion of the losses it incurred during the preceding couple of sessions. Nearly two percent improvement failed to build a recovery momentum. Thus the bullish resistance short-lived and bears recaptured the market on the following day. On Thursday last the market again fell by 1.75 percent chiefly following the trend set by the foreign investors. Extremely trimmed prices of the blue-chip stocks again attracted some buying towards the end of the week and on Friday last the market managed to recover nearly a percentile. Gaining trend, though lacklustre, on the last trading day was described as negative omen for the market. Pundits feared that market might fall prey to the bears again when it opens for the following week on Monday (today).