First Capital Mutual among top funds leading economic turaround

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The year 2019 proved enthusiastic particularly for the equity market. Financial year 2019 commenced on negative note for dimmed economic activities of the post-burden of taxes and deteriorating relationship between the nuclear-armed India-Pakistan resulted in anxious investor’s sentiments. In the third and fourth month of the year the market posted a considerable return led by the significantly improved Current Account Deficit (CAD) and robust earnings announcement and healthy pay-outs by the select Index heavy companies belonging to the Oil & Gas, Fertilizer, and Banking sectors, caused to reprieve the investors’ confidence. Amidst all this volatility, the benchmark KSE-100 closed on November 12, 2019 with a net growth of 8.45 percent. The index gained about 23.91 percent during the period start from August 2019. According to the data provided by MUFAP (Mutual Funds Association of Pakistan), conventional equity funds gave an average return of 8.59 percent compared to 8.45 percent return of KSE-100 index. The top performing fund in this category was HBL Investment Fund?Class A with a return of 20.18 percent followed by HBL Growth Fund?Class A with a return of 19.44 percent. First Capital Mutual Fund is ranked on third number with a return of 14.57 percent.

DailyTimes, 15 Nov, 2019

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