KARACHI, Nov 24: The CFS rates on the Karachi Stock Exchange last week posted a fresh modest rise for the second week in a row boosted by strong demand for more funds in a rising market, analyst Muhammad Ali said.

After fluctuating either-way under the cross current of news from the trading hall, it finally settled around 10.99 per cent, showing net rise of 13 basis points, he said.

But on the other hand CFS investment showed an increase of nine per cent or Rs.4.8 billion at Rs54.7 billion as leading investors made fresh covering purchases in top five companies including National Bank, Pakistan Petroleum, OGDC and Pakistan Oilfields, which together accounted for about 49 per cent of the total.The open interest in November settlements on the other hand shrank to Rs9.28 billion from the last week’s Rs10.97 billion, while future spreads plunged by 445 basis points to close around 1.58 per cent.