KARACHI, Aug 5: Excepting the 9th fund, all remaining 25 closed-end mutual funds under the management of Investment Corporation of Pakistan (ICP) were trading at varying discounts to their net asset values (NAV), an ICP statement released on Monday showed.

9th ICP, which has remained an investor favourite was tagged at Rs34.25 on July 29, against its NAV of Rs33.93, reflecting about one percentage point premium. But market prices of other funds, were at vast discounts to their NAV — ranging between the narrowest 21.02 per cent (for 10th ICP) and widest 65.04 per cent (for 24th ICP).

13th ICP was the strongest in terms of NAV, which stood at Rs37.13 (market price: Rs20.25); followed by 4th ICP at Rs36.02 (market price: Rs21.25). 9th ICP was next and SEMF-A with NAV at Rs29.06 (market price: Rs20.40) came fourth.

After the 9th, the next highest in terms of market price was 4th at Rs21.25 (NAV: Rs36.02); followed by SEMF-A at Rs20.40 (NAV: Rs29.06) and 13th at Rs20.25 (NAV: Rs37.13).

The recently released July-March 2001-02 three-quarter results showed that the ICP funds had posted aggregate net profit amounting to Rs563.2 million, recording a huge Rs288.1 million increase over net profit of Rs275.1 million in the corresponding period of the previous year.

During the three-quarters, SEMF posted highest profit of Rs192.9 million and dividend of Rs162.6 million. The 9th mutual fund secured the highest capital gains amounting to Rs80.4 million. Overall net profit of ICP amounted to Rs215 million for the July-March 2001-02 three quarters, rising from Rs82 million in the same term of 2000-01.