Mutual fund industry appreciates by 1.5pc

KARACHI: The local mutual funds industry appreciated by only 1.5 percent during the quarter ended on September 30, primarily due to the money market category performance, whereas other funds categories consistently showed a declining trend, according to the data compiled by InvestCap on Wednesday.

As on September 30, the local mutual funds industry stood at Rs202 billion, declining by 2.4 percent against the industry size as on June 30.

IGI fund gets rating

 KARACHI: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned preliminary fund stability rating of AA+(f) to IGI Money Market Fund (IGI MMF), managed by IGI Funds Limited.

The IGI MMF was launched in May 2010 and was charging a management fee of 0.80 percent on annual net assets, said a statement on Tuesday.

Reserves set new record at $17bn

Remittances sent by overseas Pakistanis and narrow current account deficit were the key reasons of record build up of reserves. — File Photo

KARACHI: For the first time, country’s foreign exchange reserves crossed the figure of $17 billion to set a new record, the State Bank reported on Thursday.
Remittances sent by overseas Pakistanis and narrow current account deficit were the key reasons of record build up of reserves.

Just two years back the country was about to default on foreign payments and it hurried to sign an emergency loan agreement with the IMF to avoid default. The agreement of $11.3 billion, of which over $7 billion have already landed into country’s reserves, boosted confidence and saved the country from another possible crisis.

Atlas announces Q3 payouts

KARACHI: The Board of Atlas Asset Management Limited has announced third interim payouts of 2.5 per cent and 2.25 per cent for its Income Fund and Islamic Income Fund respectively for the third quarter ended March 31, 2010.

The Board also approved payout for Atlas Money Market Fund for the period January 05, 2010 to March 31, 2010.

Lotte Group plans to invest $40m in Pakistan

KARACHI: Lotte PA, the biggest producer of PTA (Purified Terephthalic Acid) in the country, plans to retire around 63 million dollars of foreign loans and invest 40 million dollars in Pakistan.

According to industry sources, the management reiterated its plan to invest S$40 million in a captive power plant for uninterrupted power supply and $5 million in a catalyst recovery plant for cost efficiency. This will help the company’s volatile margins to improve. The management endorses the news report that Lotte Group is considering acquiring confectionery business in Pakistan without giving much detail.

IMF Board to finalise 5th tranche on 31st

ISLAMABAD: The Executive Board of International Monetary Fund (IMF) will meet in Washington on March 31 for an in-depth review of Pakistan’s economy and finalise the fifth disbursement of $1.2 billion (SDR766.7 million) as part of its Stand-by Arrangement (SBA) for the country.
Informed sources said that the upcoming meeting of the Fund will be the fourth review of Pakistan’s recent economic performance and the outlook for remaining last quarter of the current fiscal year. The IMF board will have before it a report prepared by the IMF mission that held discussions with Pakistani authorities in Dubai last month.

Forex reserves cross $15 billion mark: SBP

KARACHI: The total liquid foreign reserves held by the country stood at 15.0312 billion dollars on January 02, 2010, sources of State Bank of Pakistan (SBP) said here Thursday.

Foreigners buy equity worth $10 million

KARACHI: Opening the books after the holiday season, foreign fund managers swooped on the Pakistan equities, lapping up $10 million worth of blue chips.
 
Net inflow after the buy at $10m and sell amounting to $3m stood at $7 million for Tuesday. That propelled KSE-100 index by a massive 220 points.