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First week's NIT

unit sale breaks

all record

ANWAR RAJANI

KARACHI: The sale of NIT units during the first week of the new year (1995-96) smashed all previous records, touching the figure of 37315,685 which fetched a net amount of Rs 539.713 million.

The entire sale took place within five days commencing from July 30 and ending on August 3 last.

NIT sources told Business Recorder that the sale for the new year started on July 30. The new record surpassed the sale of units amounting to Rs 178.985 million and Rs 248.356 million during the same period of 1994-95 and 1993-94 respectively.

Sources said that the investors had shown unprecedented confidence and it had been achieved together with a successful endeavour of the NIT to keep the administrative cost as low as possible in the interest of the unit holders. Accordingly, NIT has been charging management fee at the rate of 0.06 percent only which is much below the permissible limit of one percent of the Trust Fund.

NIT recently opened four new branches at Mardan, Kohat, Sargodha and Karachi (Clifton). The sale of units at Clifton Branch in Karachi only fetched Rs 4 million within five days.

It may be mentioned here that the total number of units in issue and outstanding in Pakistan on June 30, 1995 stood at 2272.988 million of the value of Rs 29567.127 million, it included 507.088 million Bearer Units of the value of Rs 6,572.241 million.

As of June 30, 1995 the net equity investment of NIT stood at Rs 24,702 million at cost and Rs 29,401 million at market value.