January 29, 2006	Sunday	Zilhaj 28, 1426

KARACHI, Jan 28: Despite higher demand for funding the bull market, rates under the CFS remained capped at the upper limit of Rs24.6 billion on the Karachi Stock Exchange during the last week.

Analysts at a leading brokerage and research house said bulk of the punters’ demand remained confined to National Bank where a need for aggressive funding kept pace, with the steep increase in its price. OGDC followed it, as its share value also rose to Rs128 from the previous Rs121.

The weighted average CFS rate remained on the higher side at 17.7 per cent but under the weekly increase of nine basis points as compared to the previous week, close to the capped level of 18 per cent.

“The leverage positions in both the matured January and the ruling February contracts were normal but open interest in both was maintained on the higher side and average future spreads stayed close to the CFS rate,” they said.

Meanwhile, the KSE has announced to add five scrips — Kapco, Pioneer Cement, Bank Alfalah, KESC and PIAC — to the March settlements on the forward counter, while WorldCall and Southern Electric were removed from the list. All of them are said to be fairly liquid in terms of physical activity.