Investment under continuous funding system (CFS) at Karachi share market declined slightly, by Rs 169.24 million, or 0.31 percent, last week, settling at Rs 54.4 billion as compared to Rs 54.64 billion. The CFS rate also slipped by a considerable 146 bps, closing at 12.05 percent against 13.52 percent.
The lower demand for funds was in line with the reduced interest of investors for fresh buying, Khurram Schehzad, senior analyst at Invest Capital and Securities said. The top 5 scrips by CFS investment were POL, NBP, PPL, AHSL and Engro contributing 48 percent to the total CFS investment during the week.
The open interest amount on the futures counter for May grew by a decent 23 percent (Rs 4.60 billion), from Rs 19.6 billion to Rs 24.2 billion. However, a rise of 77 bps was observed in the futures spread rising to 9.50 percent from 8.73 percent amid decline in regular market prices.
Moreover, average futures trading volumes declined significantly by 47 percent, to 56.03 million shares from 105.66 million shares of the previous week, due to the rollover. The top 5 companies by investment this week in open futures were JSCL, MCB, Engro, BOP and DGKC accounting for 37 percent of the total outstanding open interest.
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