January 1, 2006	Sunday	Ziqa’ad 29, 1426

KARACHI, Dec 31: The CFS rates on the Karachi Stock Exchange last week showed fractional changes as investors are still in the process of adjusting themselves to the newly introduced real time system.

It finally finished around 17.60 per cent as compared to previous week’s 17.50 per cent - up only ten points amid falling daily trading volumes, analysts said adding investment under CFS also remained capped at Rs24 billion.

“The uncertainty over the appointment of non-member chairman, in the backdrop of KSE decision to oppose it and go for legal ruling on the issue, may further curtail the activity in the coming weeks,” fears a leading stock analyst adding ”two opinions on the Kalabagh dam and tension in Balochistan may work against the market.”

The Open interest in January stock futures was on the higher side at Rs11 billion during the mid-week of the contract’s life but below the December settlement, which started the week at Rs13.3 billion but finished the last week at Rs6.9 billion.

Analysts said the average spreads in the ruling January contract was on the higher side at 18.6 per cent, while Pakistan Petroleum, National Bank and Pakistan Oilfields were among the top in terms of open interest, amounting to Rs1.017 billion, 881 million and 859 million respectively.