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.

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.

Funds for nine major programmes not released

ISLAMABAD: The federal government, owing to financial constraints, did not release any funds to nine major programmes, including the Export Investment Development Fund, SME Development Support Fund and Venture Capital Fund, in the first quarter of the current fiscal year. 
 
The government had allocated Rs10 billion in the budget for fiscal year 2009-10 for the Export Investment Development Fund to finance initiatives for exports enhancement, but no amount was released in the first quarter for this programme.

Pakistan set to get $1.2 billion from IMF

ISLAMABAD: Pakistan is set to get the fourth disbursement of $1.2 billion from the International Monetary Fund (IMF) under the Stand-by Arrangement (SBA) later this month.

Sources in the finance ministry told Dawn on Tuesday that documentation was complete for the IMF Executive Board to take up Pakistan’s case on Dec 23. This would be the board’s last major meeting this year.