29 August 2004	Sunday	12 Rajab 1425

KARACHI, Aug 28: Investment on the carryover market last week again swelled to a record level of Rs28.4bn from Rs28.3bn a week earlier, signalling unloading by the weakholders any time after the trading resumes next week.

Carryover rates on the other hand showed a modest fall after they fell to a 10-week lower level at 7.8 per cent from the previous week's 9.7 per cent.

But analysts said the decline in carryover rates (badla), reflected that there was no pressure on the liquidity despite the fact that investment being at a record high level.

Earlier in the week hopes were raised that modest easing in the total investment may not prompt hasty selling by some of the quarters and in turn stock prices may remain stable, they said.

But at the weekend session, the situation completely changed after an increase of 24m shares in the badla volume at 512m shares, which pushed the investment figure by Rs1.3bn at Rs28.4bn.

The increase in volume at the fag-end of the week was attributed to rolling of positions from the KSE forward counter to the carryover market as Aug 27 was the last day of the maturity of August settlements as they were rung off the board and September contracts assumed the role of ruling deliveries, analysts said.

The weighted average badla rates at the Lahore Stock Exchange on the other hand showed a marginal fall of 30 basis points at 10 per cent. Investment on the other hand recorded a modest rise of Rs0.2bn at Rs3.7bn.