KARACHI, Jan 3: The CFS investment on the Karachi Stock Exchange last week plunged to a record low of 87 per cent at Rs1.3 billion after the settlement of protracted outstanding positions.

Analyst Romessa Mirza said the option given to the CFS financers to buy leveraged shares at a discount of 12.5 per cent at the prices ruling on Dec 24, 2008 led to an amicable settlement of the issue.

“As the leveraging facility is still available to the financers not involved in the above mentioned arrangement, some more positions were squared, the selling rate being 66 per cent,” she added.

The top five companies which accounted for 49 per cent of the total investment were led by OGDC, MCB Bank, Bank Alfalah, Pakistan oilfields, and Engro Chemical Pakistan.