KARACHI, Aug 18: The CFS rates suffered fresh fall on the Karachi Stock Exchange last week as demand for funds further shrank owing to turmoil on the world bourses, said Muhammad Ali, an analyst at a research house.
“There were more sellers on the local bourse than buyers as local punters followed the lead of foreign investors whose partial exit continued throughout the previous week,” he said.
The CFS rates posted a fresh fall of 25 basis points at 10.80pc from the previous week’s 11.05pc.
After having fallen to Rs51.51bn early in the week, the CFS investment on the other hand recovered from the initial lows as demand for funds showed a modest improvement after mid-week in line with the share market. It finally closed the week at Rs53.6bn, higher by three per cent above the previous week’s figure.
Bulk of it, about 47pc or Rs25.08bn went to the credit of most liquid shares, notably Pakistan Petroleum, OGDC, National Bank, Pakistan Oilfields and PSO, he said.
Open interest in the August futures was lower by four per cent over the last week. But on the other hand future spreads were marked up by 4.5pc from the previous three per cent.
