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KARACHI, The Pakistan Credit Rating Agency (PACRA) has assigned an initial 3-Star ranking to the Pak Qatar Islamic Stock Fund, reflecting its performance within the backdrop of the broader Pakistani stock market’s growth over the past year.
According to Pakistan Credit Rating Agency, the Pak Qatar Islamic Stock Fund showed a return of approximately 10% against the overall stock market return of roughly 15.12% from one year leading up to September 2023. The KSE-100 and KSE-30 indices reported improvements of around 12.41% and 4.25%, respectively, while the KMI-30 index, which represents companies compliant with Islamic Shariah principles, increased by about 15.12%. This overall market improvement has been attributed to various economic factors, including the revival of foreign investment, stability in the PKR:USD parity, and steadiness in the policy rate.
The fund’s performance stood against a category average return of approximately 10.1%, with the top-performing fund in the one-year category demonstrating a return of around 26.7%. Pak Qatar Islamic Stock Fund’s strategy involves a significant emphasis on equities, with about 86.1% of its investments in this asset class and 9.6% held in cash as of September 2023.
The agency’s report details the fund’s sectoral investments, noting substantial allocations with approximately 25% in oil and gas exploration companies, 15% in the cement sector, 10% in fertilizers, another 10% in commercial banks, 6% in technology and communication, 5% in oil and gas marketing companies, 5% in engineering, with the remaining portion invested across various other sectors.
This ranking from PACRA is an essential indicator for potential investors regarding the Pak Qatar Islamic Stock Fund’s performance and investment strategy within the growing and increasingly stable economic climate of Pakistan.
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