March 20, 2003	Thursday	Muharram 16, 1424

KARACHI, March 19: The per unit Net Asset Value of National Investment Trust (NIT) rose by 55.7 per cent during the six months July-December 2002, outperforming the KSE-100 share index by 4.4 per cent, said a press release issued by NIT on Wednesday.

It said that NIT’s per unit NAV, which stood at Rs11.01 on July 11, 2002 (the first day following the book closure) had increased to Rs17.14 per unit as on December 31, 2002. The KSE-100 index had risen by 51.3 per cent during the same period.

Highlighting the reasons for growth, NIT stated that a spate of positive macro news at the start of the fiscal year, including downward revision in National Savings Schemes (NSS) rates, approval of incremental concessionary financing by the International Financial Agencies, lowering of tensions on the border, etc., led to a rising market throughout the first half. Due to a number of positive developments, the KSE-100 index rose from 1,785 points to 2,701 points during the period.

Dividend income for NIT increased by 24 per cent from the similar six months of the previous year, while capital gains increased by more than 200 per cent, as active participation of th fund in the market in the aftermath of September 11, 2001 market decline had enabled the fund to pick up blue chip stocks at bargain prices, gains on which were realized during the period, the NIT press release said.

It stated that the Total Income, less unrealized gains in the market value of investments classified as ‘Held for Trading’ grew by an appreciable 46 per cent for the period. “The unrealized gain on trading portfolio stands at Rs3.9 billion as at December 31, 2002”, NIT stated, adding that the number of units outstanding of the fund showed a slight decline of 2 per cent as the higher unit prices prevailing throughout the period attracted some holders to book capital gains, nevertheless, Net Assets of the fund increased by nearly 54 per cent to Rs26.7 billion.