March 18, 2007	Sunday	Safar 28, 1428

KARACHI, March 17: The CFS rates on the Karachi Stock Exchange last week showed a fractional decline of 18 basis points at 12.39 per cent from the previous 12.57 per cent as demand for fresh funds remained on the lower side.

Analysts said the judicial crisis following protests by lawyers against the suspension of Chief Justice of Pakistan gripped the market leading to fall in demand for funds.

As a result, investment under CFS also fell by five per cent at Rs45 billion from the last week’s Rs48 billion for the second week in a row, reflecting that investors were not inclined to go beyond specified limits, they added.

The CFS market was dominated by the oil and gas sector, OGDC, PPL, Pakistan Oilfields, PSO and National Bank.

But on the other hand open interest and future contract spreads maintained their upward drive rising to Rs11.3 billion from the previous Rs10.8 billion and the latter was upped by 2.09 per cent at 8.7 per cent from the previous 6.7 per cent respectively.