Karachi December 7 2021: During the month of November, 2021, the benchmark NITPG index decreased by 1.58% whereas your Fund’s NAV decreased by 1.85% during the same period thus showing an underperformance of 0.27%.
The market witnessed a volatile month where the KSE-100 index declined below the 44k level, followed by a modest recovery which settled the bourse at 45,072 pts with a loss of 1,112 pts MoM. The major factors which kept the market in the red zone include the uncertainty related to depleting forex reserves given delay in IMF disbursement, higher than expected jump of 150 bps in the policy rate, and inflationary pressure.
Moreover, Pakistan has been reclassified in to frontier market from emerging market which also had an impact on the equity market during the month.
A L S O || R E A D
Dandot Cement Signed MoU With Renowned Chinese Contractor For BMR: PSX
A substantial foreign investor outflow of USD 141 million was observed during the month mainly on account of Pakistan's exit from the MSCI EM Index. Average volumes during the month stood at 315 million shares, down 24% on a MoM basis.