January 13 to March 31, 2009: NIT's SEF performed well with unrealised gain of Rs 3.427 million

The State Enterprise Fund (SEF), managed by National Investment Trust (NIT), performed well with unrealised gain of Rs 3.427 million during the period from January 13, 2009 to March 31, 2009. The Fund purchased shares of eight eligible scrips during this period at a total cost of Rs 8.701 million.
The market value of the purchased shares stood at Rs 12.129 million on March 31, 2009. The figures available here show that the Fund opted to hold all the purchased stocks and did not sell out any share during this period. The Fund purchased 22.511 million shares of National Bank of Pakistan (NBP), 9.789 million shares of Kot Addu Power Company Limited (Kapco), 9.847 million shares of Pakistan State Oil (PSO), 31.017 million shares of Sui Southern Gas Company (SSGC) and 7.999 million shares of Sui Northern Gas Pipeline Limited (SNGL).
The Fund also bought 62.758 million shares of Oil and Gas Development Company (OGDC), 11.341 million shares of Pakistan Petroleum Limited (PPL) and 43.286 million shares of Pakistan Telecommunication Company Limited (PTCL). The Rs 20 SEF was formally launched by NIT on January 1, 2009 and started buying of shares of eight eligible scrips from January 13, 2009.
This is an open-end fund and is a separate fund in all respects from the other funds being managed by NIT. The four institutions including NBP, EOBI, State Life and a syndicate of banks provided financing for the Fund. Out of total Rs 20 billion, NBP provided Rs 7 billion, EOBI Rs 5 billion, State Life Rs 2.5 billion and syndicate of banks Rs 5.5 billion.
These financing institutions invested this amount on the rate of Kibor+1 for three years and are bound not to withdraw their money before the stipulated period. However, NIT has the right to return their money before three years. The benchmark KSE-100 index increased by 818.78 points (13.55 percent) from 6,041.44 points on January 12 to 6,860.22 points on March 31, 2009.