Fast Rising Karachi Stocks Increase Mutual Fund Prospects

Karachi’s fast growing stock market has helped lift prospects for Pakistan’s largest mutual fund – National Investment Trust, which is slated for privatisation in March this year. The fortunes of the three banks are in contrast to 10 years ago, when NIT’s total assets were worth Rps9bn and the banks bought their stakes on the understanding they would sell them in five years’ time. Optimism over the stock market’s future strengthened further on Monday when the Karachi stock exchange, for the first time in about a year, touched the 10,000 mark. Karachi’s fast growing stock market has helped lift prospects for Pakistan’s largest mutual fund – National Investment Trust, which is slated for privatisation in March this year.