LAHORE - Bearish spree in Karachi Stock Exchange continued even on the first day of the business Monday after whole last business week when bourse shed further 2.3168 per cent following the selling of shares from foreign as well as local investors eventually sending the bourse below the level of 4-year level. The Karachi Stock Exchange's benchmark KSE-100 index shed 114.21 points to close at 4,815.34 points when it opened with 4,929.54 points in the morning. Volume remained at 125.656 million significant upward compared to last Friday 92.191m shares but far less than the average over 250m traded daily last year. The market open Monday with negative note but after some time it landed in the positive column but with the selling pressure it went down and this trend prevailed in both two sessions and market remained negative at the end. Initially KSE-100 index broke 4800 level and test 4797.83 points but a strong support help to rebound market and 100 Index touches 4957.66 high. Despite appreciable volume market could not sustain because the PPL did not announced any dividend as investor expected which is turn to market again in bearish trend. Below expectation of PPL further dented the sentiment as the company failed to come up with the dividend payout with decline reported in quarter on quarter earnings. This negative trend of market, according to brokers, is because shares selling pressure remained continue from foreign investors as well as local investors combined with government owned organisations due to which market further diluting and landing in the negative zone. While market support fund has miserably failed to maintain the market, they added. It is pertinent to note that few days ago in these columns it has been predicted that market would likely to break the psychological barrier of 4,500 points within few days as market supporting fund is not giving the positive results as were being expected. On average since (Dec 15), net foreign selling has reached to$3.7m per trading session. Within just 23 trading days, the foreign investors have already sold shares of over $85m, he added. Foreign investors so far had withdrawn $440m of a total of $1.8b in holdings from the KSE in 2008. While LSE shed 43.71 points as LSE-25 closed at 1300.94 points wherein 10,574,600 shares were traded while 50 remained equal, 46 shed values and 10 scrips moved up. At KSE, 50 scrips recorded gain, 178 landed in the negative column and 10 scrips remained unchanged out of a total of 238 cos. Meanwhile, the KSE-30 index also landed into negative column and shed 116.95 points wrapped up at 4,428.10 points while KMI-30 index lost 107.55 points closed at 6322.23 points. On Monday at KSE, volumewise leader remained OGDC shares. At KSE, Oil and Gas Dev Co being a wolumewise leader lost its value of Rs 0.17 closed at Re 40.97 with volume of 15,971,400 shares followed by NIB Bank which also landed in the negative column and lost its value of Rs 0.47 closed at Rs 3.95 closed at 13,549,000 shares while TRG Pakistan lost its value of Re 0.17 closed at Rs 1.50 with volume of 9,333,000 shares. Whereas, NBP, WorldCall Telecom and Zeal Pak lost their values of Re 0.33, Re 0.49 and Re 0.01 closed at Rs 46.56, Rs 2.73 and Rs 0.40 with volumes of 8,224,700, 7,9698,000 and 5,596,000 shares respectively. While PTCLA and KESE lost their values of values of Rs 0.48 and Re 0.52 closed at Rs 12.00 and 1.78 with volumes of 5,280,000 and 5,130,000 shares respectively. Fauji Fert Bin Qasim and Sui South Gas gained their values of Re 0.02 and Rs 0.15 closed at Rs 14.73 and Rs 12.51 with volumes of 3,722,500 and 3,642,000 shares respectively.