The suspect, Lala Muhammad Magsi, was brought to the court amid tight security.
The prosecution asked for a physical remand of the accused in order to complete investigations into the case.
The suspect, allegedly part of the Baba Ladla gang from Lyari, was arrested from Sukkur last month.
The incident is believed to have taken place after failed ‘negotiations’ between an extortion group and the Shershah market association.
The Shershah killings claimed the lives of 12 men and brought Karachi to a standstill.
Karachi has had its most violent year since 1995 in terms of targeted killings.
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