Financial market: Mutual funds industry grows 21 per cent
Equity funds category remains lacklustre.
KARACHI:
The mutual fund industry grew 21 per cent in the current financial year led by a surge in the money market and Islamic income funds category.
The money market funds more than doubled to Rs72 billion while the Islamic income funds category surged 182 per cent to Rs17 billion.
Money market funds increasing market share
Five new money market funds have been launched so far in the current financial year, taking the total to 17 market funds.
The net assets of the category increased by a mammoth 96 per cent whereas the contribution of sales reached 47 per cent while the net profit contribution stood at seven per cent.
The equity category increased by 10 per cent against the KSE-100 benchmark index rising 22 per cent in the first nine months of fiscal 2011. Total sales of Rs9.6 billion were marked by the category.
Published in The Express Tribune, May 20th, 2011.
The mutual fund industry grew 21 per cent in the current financial year led by a surge in the money market and Islamic income funds category.
The money market funds more than doubled to Rs72 billion while the Islamic income funds category surged 182 per cent to Rs17 billion.
Money market funds increasing market share
Five new money market funds have been launched so far in the current financial year, taking the total to 17 market funds.
The net assets of the category increased by a mammoth 96 per cent whereas the contribution of sales reached 47 per cent while the net profit contribution stood at seven per cent.
The equity category increased by 10 per cent against the KSE-100 benchmark index rising 22 per cent in the first nine months of fiscal 2011. Total sales of Rs9.6 billion were marked by the category.
Published in The Express Tribune, May 20th, 2011.