KARACHI, Nov 3: The CFS investment on the Karachi Stock Exchange last week suffered a sharp fall of about eight per cent as demand for funds remained subdued owing to an uncertain political outlook.
It fell by Rs4.3 billion at Rs50.3 billion as share values of most of blue chips notably on the oil and banking counters suffered sharp pruning during the week, analysts said.
Most of the leading investors played safe following rumours of imposition of emergency leading to violent either-way price changes, they said.
Pakistan Petroleum, OGDC, Pakistan Oilfields and
National Bank were said to be the major recipient of this investment.
Resultantly, the CFS rates also fell in sympathy at 10.86 per cent, showing a fall of 27 basis points as demand for fresh credit was on the lower side.
The total open interest suffered a sharp contraction of 36 per cent at Rs10.9 billion as compared to Rs17.1 billion a week earlier, while futures spreads also declined by 750 basis points to 1.21 per cent because of rollover week in which investors square their positions, they added.
