Total investment under Continuous Funding System (CFS) at the Karachi share market marginally declined by 0.05 percent on week-on-week basis and stood at Rs 54.594 billion on the last trading day of the week (Friday) from Rs 54.620 billion on the same day a week earlier.
The CFS rate on weekly basis increased by 27 bps closing at 11.92 percent. The top five scrips contributing 51.5 percent to the total CFS investment were namely PPL, OGDC, NBP, POL and DGKC.
Analysts were of the view that the upward pressure on CFS rate could continue as the CFS investment has reached at its maximum limit of Rs 55 billion. The future open interest on WoW (Friday closing) basis decreased from Rs 8.6 billion on May 18 to Rs 6.9 billion on May 25, closing at the rate of 4.75 percent.
"It implies that about Rs 1.7 million worth of futures were settled, while Rs 6.9 billion were rolled over for June, an analyst at Invest Capital & Securities said. He added "comparing the average future volumes for the current and last week, the figure significantly increased by 38 percent, from around 49 million to 68 million". The companies in the top five ranking for open interest were OGDC, POL, NBP, PPL and MCB, contributing around 55 percent.