19 September 2004	Sunday	03 Shaban 1425

KARACHI, Sept 18: Carryover rates on the Karachi Stock Exchange during the last week posted a fractional rise of 60 basis points at 7.9 per cent after previous two weeks' persistent fall.

Analysts at a leading research house said carryover rates rose in sympathy with increase in money market rates owing to pressure on money supply as banks were in the process of meeting their cash requirements.

"We don't expect any further significant decline in carryover rates in the near-term owing to tight money market and higher cost of credits", they said.

Investment on the carryover market suffered a fresh setback of five per cent during the week because of decrease in share prices, falling by five per cent at Rs23.9bn from the previous Rs25.2bn, net decline being of the order of Rs1.4bn, they added. Volume also fell by four per cent at 453m shares.

Carryover rates on the Lahore Stock Exchange, however, rose by 180 basis points at 9.8 per cent but investment fell by two per cent at Rs2.4bn during the last week. The rates for the leading shares remained in a single digit for the second week in a row 8.5, 7.00, and 7.2 per cent for PSO, OGDC and Pakistan Oilfields respectively.