950809

ICP to float

open-end 25th

Mutual Fund

on Aug 15

KARACHI: Investment Corporation of Pakistan (ICP) has been considering the possibility to float open-end mutual fund to capitalise the existing potential in the market.

This was stated by the Managing Director, ICP Asadullah Khawaja at a pre-launching presentation of 25th ICP Mutual Fund (MF) here on Wednesday. He said, now the prices in the market were realistic and there were bright possibilities of success for any open-end mutual fund.

He said, market now needs extra-mobility of funds and it needs money for picking up, adding that the declining trend in the market was showing that there was shortage of money, required for fresh buying to boost the market.

He hoped that 25th MF, to be offered on August 15, will receive over-whelming response from the investors and will be over-subscribed like other mutual funds.

He said ICP has plans to invest in power, financial, banking, leasing, multi-nationals, chemicals, cement sectors in a big way.-APP