KARACHI - The Rawalpindi suicide blast and emergence of new political scene with NRO in question together invited panic selling and KSE 100-index lost its 9,000 points crucial threshold after shedding 286.78 points or 3.13 per cent and closed at 8,872.40 points on Monday. The parallel running junior 30-index lost 346.92 points or 3.59 per cent and closed at 9,315.95 points. Ahsan Mahenti at Shehzad Chamdia Securities said that intense selling witnessed as security conditions in the country worsened after suicide blast in Rawalpindi. Announcement for NRO opposition by MQM and PML (N) invited massive off-load by retail and institutional investors on expectation of changes in PPP leadership. Moreover, investors remained concerned over deteriorating economic, security situation in the country throughout the session, he added. The day turnover fell thin to 152.04 million shares against 179.13 million shares changed hands on the weekend. Turnover in future market also declined to 2.22 million shares against 3.38 million shares traded on Friday. Accordingly, the overall market capitalisation fell by Rs81b and stood at Rs2,574b. Hasnain Asghar Ali at Aziz Fidahusein said that dull opening pushed the local equity market in the stagnation mode. Low volumes kept the index in negative zone, although governments stance to maintain fuel prices locally, at least till the fuel price formula is approved by IMF, was expected to restrict the sticky inflationary numbers from increasing at a rapid pace. Couple of below expectation announcements added to the nervousness. Absence of decent quantum buyers reduced the intensity of decline, which otherwise would been much higher. What added to the nervousness was the Rawalpindi blast, and the index started melting and more than triple digit adjustment was soon witnessed, although cautious support in the main board stocks was extended to avoid unprecedented decline. Stagnation forced frustration to surface, selling pressure aggravated during the session with price erosion being a prominent feature, thereby, forcing the index to wipe off a good sum. With certain valuations still higher, leverage product catering ready board missing. High interest rate scenario and volatile law and order and political situation altogether have restricted local participants from freely participating in local equity market. Low priced and group specific stocks however kept the turnover ticking. Larger market, however, depicted high nervousness, as the buyers were tough to find. Attempts were made in closing hours through index heavy weights to sustain psychological 9000, but all in vain as the panic struck mainly due to absence of buyers. Caution is advised mainly in the high priced stocks for both trading and placement, while decent turnover should be awaited for taking short term trading positions, availability of main board stocks at low multiples and offering double digit yields may however be accumulated on dips, Ali added. Out of total 403 actives, 298 stocks declined, 88 stocks advanced, while the value of remaining 17 stocks remained unchanged. Highest volumes were witnessed in JS Company at 15.94 million closing at Rs33.35 with a loss of Rs1.75, followed TRG Pakistan at 12.75 million closing at Rs2.15 with a loss of 47 paisa, Pak.PTA at 9.96 million closing at Rs6.63 with a loss of 47 paisa, Bank Al-Falah at 9.21m closing at Rs12.81 with a loss of 72 paisa, and Pak. Prem Fund at 7.07m closing at Rs6.32 with a loss of 18 paisa.