KARACHI, March 8: The CFS rates on the Karachi Stock Exchange last week showed a modest rise of 20 basis points at 11.9 per cent as demand for fresh credit line remained on the higher side.

Analyst Abdul Shakur at the Invest Capital Research attributed the increase to mid-week rally on the stock market fuelled by higher world oil prices and the market talk of advent of foreign buying on selected counters under the lead of oil shares.

After having remained capped around the ceiling of Rs55 billion for the last couple of weeks, the CFS (Continuous Funding System) investment on the other hand suffered a modest fall of Rs187 million at Rs54.5 billion, he said.

About 47 per cent of the total CFS investment was again shared by the National Bank, Pakistan Oilfields, the Oil and Gas Development Corporation, Pakistan Petroleum and Askari Bank.

The open interest on the futures counter, however, showed a sharp increase of 29 per cent at Rs13.2 billion and so did future spreads up 188 basis points at 8.74 per cent, according to the Invest Research house.