Islamabad November 5, 2021: During the month of October, 2021, the benchmark NITPG index increased by 3.29% whereas your Fund’s NAV increased by 2.96% during the same period thus showing an underperformance of 0.33%.
The benchmark index increased by 3.29% during the month of October, 2021. During first half of the month, performance of the index remained negative due to macroeconomic concerns mainly higher imports, pressure on external front, higher international commodity prices exerting pressure on inflation and uncertainty over an agreement with the IMF for sixth review. However, benchmark index bounced back and recovered sharply on the back of decline in International coal prices, pledge of USD 4.2bn by Saudi Arabia to support Pakistan’s economy (USD 3bn safe deposit and USD 1.2bn for Oil facility) and recovery in the Pak Rupee against US dollar. Foreign investors offloaded positions worth USD 31 million during the month. Average volumes during the month stood at 280 million shares, down 32% on a MoM basis.
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SBP Reserves increased after multiple Consecutive decline
NIT Pakistan Gateway Exchange Traded Fund (NIT PG ETF) is an open-ended scheme that is traded on Pakistan Stock Exchange and aims to track the authorized index constituted by the Management Company – the NIT Pakistan Gateway index which comprises of the basket of equity securities, in order to provide long-term capital appreciation and dividends yield to the investors.
