July 9, 2006	Sunday	Jumadi-ul-Sani 12, 1427

KARACHI, July 8: Investment under the CFS on the Karachi Stock Exchange last week showed fresh increase of Rs1.26bn but was still far below the normal figure of Rs24bn plus.

Over the week, it posted a fresh increase and stood at Rs20.16bn as compared to Rs18.90bn a week earlier and well above the recent lowest figure of Rs10bn.

A leading stock analyst at a brokerage and research house attributed the increase partly to a modest rise in daily turnover figure and partly to return of the retailers to the share business.

The activity on the forward counter on the other hand did not pick up as was reflected by falling volumes. The open interest in July futures was modestly higher at Rs7.14bn as compared to Rs5.7bn a week earlier, indicating offloading of positions by some of the investors rather than rolling over them.

Average future spreads on the other hand fell to 8.17pc from the previous 11pc. Spreads in some of the leading shares, notably OGDC, National Bank, Pakistan Oilfields, MCB and PTCL remained in single-digit, which means future market is a bit cheaper as compared to financing under CFS.