KARACHI, July 19: The investment under continuous funding system (CFS) suffered a sharp decline of 9.7 per cent at Rs27.23 billion owing to turmoil on the share market amid falling values.

The mid-week investor protests against the high-ups of Karachi Stock Exchange (KSE) seeking closure of the stock market or to take corrective steps to arrest the continued downward trend, which has eroded billions of rupees from their stock holdings, was one of the main reasons behind the slow demand for funds, said a leading analyst.

The average weekly CFS investment had been maintained above the Rs30 billion for the last several weeks and the debut of MK-II, on July 14, should have pushed further higher, he added.

Investment under MK-II totalled about Rs12 billion however the rate remained on the higher side around 15.48 per cent owing to risks involved in a falling market, he said.

The top five companies which accounted for 45 per cent of the total investment were led by JS & Co followed by Arif Habib Securities, National Bank, Pakistan Oilfields and Engro Chemical.

The open interest on the futures counter for the ruling contracts declined by 15.3 per cent to Rs7.2 billion, future spreads also fell from their previous record level to settle at 46.6 per cent owing perhaps to lifting of ban on short-selling on the KSE.