June 15, 2008	Sunday	Jamadi-us-Sani 10, 1429

KARACHI, June 14: The CFS rates on the Karachi Stock Exchange last week showed a modest fall of 82 basis points at 14.94 per cent as compared to 15.76 per cent a week earlier.

Analyst Saad Arshad attributed the decline to a considerable improvement in the liquidity position and partly to fall in investors’ demand owing to political turmoil and a highly erratic stock market.

But on the other hand, he said, investment on CFS (continuous funding system) counter was higher by 4.32 per cent or Rs1.40 billion at Rs33.72 billion as a section of leading investors borrowed money to invest in some blue chips currently ruling at attractively lower levels, having potential of capital gains.

The top five scrips, which accounted for 47 per cent of the total amount, included National Bank, Pakistan Oilfields, Arif Habib Securities, D.G. Khan Cement and Pakistan Petroleum.

Open interest on the futures counter also went up by 11.53 per cent to close the week at Rs15.82 billion but on the other hand future spreads showed a modest decline of 97 basis points at 6.42 per cent, according to figures compiled by Invest Capital, one of the leading research houses.