KARACHI, June 11: The weighted average carryover rates on the Karachi Stock Exchange last week fell into a single digit owing to freezing of volumes from June 7. They fell to 9.6 per cent from the previous week’s 11.4 per cent, a decline of 1.8 per cent, after showing highly erratic movements touching the highest at 12.6 and the lowest at 9.6 per cent respectively, analysts at leading research houses said.

“The COT phase-out plan has begun from June 8 and as a result badla volumes have to be frozen as of June 7, and are to be reduced by 8.25 per cent each week”, they said.

The COT rates on the Lahore Stock Exchange also depicted wide either-way fluctuations, touching the highest at 16.3pc and the lowest at 10.1 per cent.

Investment in COT also suffered a modest decline of Rs1 billion at Rs20.5bn as compared to Rs21.5 billion a week earlier and so did volume at 207m shares from 229m shares a week earlier. This incidentally will be the benchmark for weekly reduction of 8.25 per cent in the volume.