01 August 2004	Sunday	14 Jamadi-us-Saani 1425

KARACHI, July 31: The average weighted carryover rates fell into a single-digit at 8.2 per cent during the previous week after having remained stable around 13 per cent for the last couple of weeks.

"Owing to 2.2 per cent fall in the KSE 100-share index, below market expectations dividend announcements by some of the leading companies and a considerable decline in the turnover figure because of CVT were some of the negative factors behind the cut in rates," analysts said.

They said because of erosion in the share values, investment on the carryover market also suffered a sharp fall of Rs1.3bn or 4.6 per cent at Rs26.1bn. An identical fall was also recorded both in carryover rates and investment on the Lahore Stock Exchange also.

The decline in carryover rates both the KSE and the LSE was caused by a combination of factors, notably falling share values, which in turn flushed out the weakholders as well as potential financiers seeking higher return on investment, they said.

The average carryover rates of the leading scrips also remained in a single-digit at 8.1 per cent, 7.00, 5.9, 6.9 and 8.3 per cent for PSO, OGDC, National Bank, DG Khan Cement and Pakistan Oilfields respectively.