KARACHI, Jan 23: The KSE 100-share index on Thursday shed another 122 points or four per cent on heavy selling in all the pivotals.

At opening bulls strong presence reflected that the current correction is overdone. But the reports of notices to a dozen brokerage houses reversed the early initial firm trend owing to hasty selling.

Even a record after-tax profit of Rs2.06 billion and 60 per cent cash dividend by the oil giant, Pakistan State Oil (PSO) failed to stem massive selling both from the weakholders and some leading investors and allowed the extended bear onslaught.

The KSE index finally ended around 2,617.49 points, losing about 336 points or 10 per cent during the last four sessions eroding about 45 billion from the market capitalization.