The growth was led by fixed income funds and money market funds growing by a massive 117% and 62% to reach Rs84 billion and Rs125 billion, respectively, according to an InvestCap research note.
Open-end funds, which contribute 94% of the total size of the industry, appreciated by a solid 43% during July 2011 to February 2012, adds the note.
The income funds category appreciated at a massive scale of 117%, mainly backed by ABL-Government Securities Fund (ABL-GSF) launched in November 2011. Fund-wise probe into asset growth reveals that ABL-GSF was able to add Rs30 billion, almost double from the previous month’s figures, to close at Rs31.5 billion in January.
However, the equity funds category suffered a cumulative decline of 9% since July. Amongst equity funds, ABL-Stock Fund and Atlas Stock Market Fund yielded 6.3% and 3.7%, respectively.
On a monthly basis, after suffering a marginal decline of 5% in December, the local mutual funds industry rebounded well and showed a healthy double-digit growth of 19% during January to reach Rs342 billion.
Published in The Express Tribune, February 21st, 2012.
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Lol, Pakistan's KSE is a true speculator's goldmine. Merrill Lynch called it the biggest information arbitrage market of the world.With Dhedis and Jahangir Siddiqis selling stock tips, in the long run, our trading/investment industry has nowhere to go, more like the Kings of ''Insider Trading'' than real true investing. KSE now is comparable to the 1929's of U.S when speculators were rampant due to low regulation. A true value investor would rather die than invest in such an arbitrary manipulated market. Fool's gold indeed.