KARACHI - After touching a 17-month high last week, the KSE 100-index witnessed a loss of 28 points on Monday and closed at 9,895 levels despite starting on a positive note. Overall market activity was dull throughout the session as the market moved in a narrow range, while continuing from the last trading session, PTCL and FFBL remained in the limelight with 15m shares and 18m shares traded, respectively. The KSE 100-index opened in green zone with a gain of 17.91 points and at the end of the day closed at 9895.46 with a loss of 27.68 points. KSE 30-index closed at 10442.37 with a loss of 49.17 points. All shares index closed at 7010.09 with a loss of 15.37 points. Trading activity was minimal as compared to the last trading session as the ready market volume stands at 175.506m as compared to last trading session 204.825m. Future market volume however stands at 2.277m shares as compared to 4.058m shares last trading session. Market capitalisation stands over Rs 2.844tr, as total trades decreases to 92,593 as compared to last trading session 117,059, while 180 companies advanced, 183 declined and 22 remained unchanged. PTC closed at Rs20.29 level, slightly above Fridays level, whereas FFBL price rose by 3 percent to close at Rs31.01 levels. OGDC remained under pressure throughout the trading session, as investors became concerned, following a news flow raising the issue of the delay in the installation of compressors at the Qadirpur gas field again, which could result in production decline from the field. Ahsan Mehanti, a market analyst, said a bearish activity witnessed as federal finance Ministers indicates levy of capital gain tax on Pakistan bourse from next fiscal year. OGDC gas production reduction in Qadirpur field on compressor installation delays, fall in international oil prices near to $78, profit taking by retail/ institutional investors played a catalyst role in negative activity, he added. The news having impact on trading activities at KSE today were Fatima Fertilizers provisional listing delayed as the company awaits approval from Securities and Exchange Commission of Pakistan; OGDC to work with Chinese oil firms to explore new frontiers in North Africa, Far East and other smaller Arab countries; petrol imports up by 274pc on CNG shortage in Nov-Dec, 2009 compared to the same period last year mainly due to low refinery production and reduced availability of CNG. Moreover, Capital Gain Tax would be imposed on stock markets from next financial year; and KESC threatens longer power cuts against the current SSGC dues of Rs8.64b have also affected the market. According to the market experts the coming year promises to be full of action on the political front, as President Zardaris powers continue to cast a shadow on the workings of the Government of Pakistan; and the 17th Amendment/Article 58 (2) B are hence poised to remain in the limelight over upcoming months. InvestCap Research further states that after several doses of fat liquidity injections into the global financial system, an era of monetary tightening has arrived now, as the worlds central bankers tend to hike up interest rates. This makes Pakistan capital markets an attractive investment case where monetary easing is expected in the year 2010 and despite a wave of political and law and order uncertainties, KSE 100-index provided a solid 60 percent gain in equities during 2009. In 2010, KSE-100s prospects of sustained double-digit appreciation, though hinged upon number of factors discussed ahead, cannot be ruled out, and it is expected that bourse to post total return of 21 percent (Dividend Yield + Capital Gain) in 2010.