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Investment under continuous funding system (CFS) at the local share market remained quite stable at Rs 54.43 billion on Friday, June 22, which was the same as seen on previous Friday, June 15.
The CFS rates remained in the high range throughout the week, settling at 12.0 percent on the last trading day of the week as compared to 11.7 percent on the same day a week earlier. Of the total CFS investment, about 51 percent (Rs 27.5 billion) was concentrated in five stocks namely PPL, OGDC, NBP, POL and DGKC.
Futures open interest dropped out of the blue on the first day. However, a gradual increase was seen later on. Open interest in the June contract settled at Rs 11.45 billion on Friday against Rs 11.68 billion on the same day in previous week.
Major instability in spreads was seen when spreads touched 0.88 percent on June 18 and 8.08 percent on June 21. Futures spread settled lower at -0.9 percent on the end of the week as compared to 4.9 percent previously. The volatility can be attributed to the upcoming expiration of the contract. OGDC, NBP, POL, DGKC and MCB remained top fives by value and contributed 52 percent to the total open interest. The coming week is the rollover week, where an outstanding amount of Rs 11.5 billion needs to be shifted from June to July contracts.

Copyright Business Recorder, 2007

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