KARACHI - The Karachi stock market continued to witness bearish activity during the trading session on Monday as the equity investors remained concerned about the heavy outflow of the foreign investments from the local bourse. During last week, foreign investors had withdrawn around $16.4 million of funds from the market. The KSE 100-index lost 231.47 points to close at the level of 11,375.14. The index had closed at 11,606.61 points on last Friday. Total volume sharply dropped to 58.54 million shares from 125.1 million shares traded previously. KSE market capitalisation stood at Rs 3,047.57 billion or $35.62b while trading value came at Rs2.97 billion or $34.75 million on the local stock market yesterday. The KSE 30-index slashed 217.49 points or 1.92pc to end at 11,085.52 points. KSE future volume shares recorded at 1.73m shares, valuing Rs240.84m. The rate for the KSE future spread was registered at -18.67 percent. NBP Pace (Pak) Limited, Lotte Pakistan, Engro Corporation and Arif Habib Corporation were the top five volume leader on the stock market. Volumes remained thin on law and order concerns in the city and investors remained cautious throughout the trading session despite strong recovery in global capital markets and Brent crude oil being traded over $115 a barrel due to intensification of a Libya crisis, said Director Arif Habib Investments Limited. Off-shore selling, wherein local groups are seemingly the biggest contributors, kept the local bourse under pressure, low volume price erosion in the high priced stocks thereby disallowed resistance even by the local corporate participants besides inviting panic selling, adding to the heat was certainly the anticipated roll-over pressure, said an analyst. However, group support in singled-out high priced stock and snap rallies and volumetric activity in low priced stocks allowed the resident participants minor trading opportunities along with various instances of short covering in front line stocks; low volumes certainly panicked the off-shore sellers thus forcing offers at market rates, thereby forcing a fast melt down during the closing hour, wherein the stocks placed as margins duly joined the float from various quarters, according to analyst.