funds performance report - igi lifeigilife.com.pk/wp-content/uploads/2017/08/fund... · accessories...

IGI Life Insurance Limited

IGI|Life

Funds Performance ReportJuly 2017

July 2015

Source: SBP, PBS, Bloomberg

Equity Market Review and Outlook:

FUND MANAGER REPORT

For the month of July 2017

Macro Review and Outlook:FY17 ended on a positive note whereby country’s GDP registered a growth of 5.3%, which is decade high. Moreover, other economic indicators also showed positive growth supportive momentum. Inflation for the FY17 averaged +4.1% (+2.9% in FY16) which led to accommodative monetary policy throughout the year. As a result of this accommodative policy, private credit sector showed signs of recovery, increasing by +18%. Moreover, higher demand also benefited country’s manufacturing sector which by 11MFY17 showed a decent growth of +5.7%. However, concerns on widening current account deficit and rising debt pose a challenge for policy makers.

CPI for the month of Jul-17 clocks in at +2.91%YoY: Nevertheless, for the month of Jul-17, latest data published by Pakistan Bureau of Statistics (PBS), headline CPI inflation clocked in at +2.91%YoY (+0.35%MoM) compared to +4.19%YoY (+1.34%MoM) in the same month last year, starting off FY17/18 on a subdued note. Key components include HRI and education prices, which rose by +7.19% and +11.36%, as well as food basket that counteracted the uptick by showing a meagre growth of +0.09%YoY. Core inflation edged up by +5.6%YoY compared to +4.5%YoY in Jul-16, indicating a brewing demand pull inflation in the economy. The significant difference between core inflation and headline inflation can be attributed to the low prices in volatile sectors namely transport and food. However, in case of moderate spikes in any of the volatile commodities, the underlying inflationary pressures is bound to pull up the headline inflation.

Current account balance records a deficit of USD 12.1bn: In FY17, Current account deficit swelled to USD 12.1bn, the highest level in 9 years, compared to USD 4.9bn in the FY16. Jump in import bill as well weak exports were the key reasons for rise in current account deficit. Country exports stood at USD 27.2bn, down by 0.8%YoY, whereas import bill jumped significantly to USD 57.7bn, up by 14.0%YoY. Consequently, country's trade terms deteriorated to USD 30.5bn compared to USD 22.7bn recorded in FY16. Moreover, worker's remittances during the period also slowed down, falling to 19.3bn in FY17 compared to USD 19.9bn in FY16, showing a decline of 3.1%YoY.

FX Reserves deteriorate: FX reserves by the end of Jul-17 stood at 20.3bn as compared to USD 21.4bn in Jun-17 (down by 112mn). Consistently rising import bill and lowering FX reserves have created pressure on country’s currency, substantiated by swing in PKR depreciation during the month of Jun-17.

CPI Inflation

External Account

Political uncertainty kept market sentiments jittery: Another lackluster month, KSE100 index posted an decrease of 1.2% MoM in Jul-17: For the month of Jul-17, the benchmark KSE100 index slightly down by ~555 points (1.2%MoM), to close at 46,010 points, on the back of prevailing political instability in the country, however announcement of supreme court verdict to disqualify the elected prime minister in panama case, eliminated the uncertainty of political instability cause a moderate relief during last two sessions. Average trading volumes of the market were recorded at 178mn shares, down by 6%MoM as compared to average 190mn shares registered in Jun-17. Leaders and Laggards: The prime outperformers in the market during the month of Jul-17 were Oil & Gas Exploration Companies, followed by Food and Personal care products, oil & Gas Marketing Companies, Automobile Parts & Accessories and Engineering, while lackluster during the month were Automobile Assembler, Cements, Commercial Banks and Pharmaceuticals.

Key domestic/international news: � Much awaited verdict, whereby Supreme Court of Pakistan disqualified Prime Minister for not on Panama Case Scandal.� Supreme Court of Pakistan also put forward reference to National Accountability Bureau (NAB) against PM’s children and Finance Minister Ishaq Dar. � The Federal Reserve Bank decided to leave its key rate unchanged in a range of 1pc to 1.25pc after having raised rates twice this year in March and June.

KSE 100

Money Market Review and Outlook:

In the month of jul-17 7x OMO injections by SBP at close near to policy rate. Massive participation of PKR 1,709bn was shown in T-bills auctions, mainly concentrated in 3 and 6 months paper with a target of PKR 1,300bn. However, SBP accepted total bids of PKR 1,608bn with cutoff rates maintained at 5.99%, 6.01% and 6.04% for 3, 6 and 12 months tenor respectively, while in Pakistan Investment Bonds auction, participation of PKR 75 billion was recorded against the target of PKR 100 billion, with majority of participation being witnessed in 3Y followed by 5Y and 10Y tenor. The cutoff yields were maintained at 6.40%, 6.89% and 7.9% for 3, 5 and 10 years tenor respectively.

Yield Curve

45,222.2

44,337.4

45,294.4

45,912.0

185

162

128

176

‐

20

40

60

80

100

120

140

160

180

200

43,500.0

44,000.0

44,500.0

45,000.0

45,500.0

46,000.0

46,500.0

07/07/17 07/14/17 07/21/17 07/28/17

Index Vol. (mn) ‐RS

‐1.00

‐0.50

‐

0.50

1.00

1.50

‐

1.00

2.00

3.00

4.00

5.00

6.00

Jul‐16

Aug‐16

Sep‐16

Oct‐1

6

Nov‐16

Dec‐16

Jan‐17

Feb‐17

Mar‐17

Apr‐17

May‐17

Jun‐17

Jul‐17

CPI %MoM CPI %YoY

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Jul‐17 Jun‐17 MoM %

NAV per Unit (PKR) 320.6 324.5 ‐1.19%

Net Assets Value (PKR '000) 473,723 454,240 4.29%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF ‐1.19% ‐7.52% ‐5.03% ‐3.30% 15.53% ‐1.73% 13.39%

During the month the fund generated an

absolute return of ‐1.19% against its last

month absolute return of ‐6.41%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund‐IAF


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity

with a proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:

Note: Fund returns are gross of management fee.

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:

Absolute Return Annualized Return

277.51 279.30 284.13 282.12297.44

323.86 331.54 330.07 329.80 337.59 346.69324.46 320.61

150.00

200.00

250.00

300.00

350.00

400.00

Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17

31.0%

3.3% 0.3% 3.8%

58.5%

3.2%

Cash TFC's /Sukuk

T‐Bills TDR PIB's Stock DFI &Others

18.5%

4.1% 4.6% 9.1%

58.7%

5.0%

Cash TFC's /Sukuk


98

148

198

248

298

348

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 281.3 283.1 ‐0.62%




IGI Balanced Fund ‐ IBF ‐0.62% ‐4.37% ‐2.64% ‐0.36% 13.54% 4.24% 11.80%






IGI Balanced Fund‐IBF


INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.

This fund is suited for investors with moderate risk tolerance.



Moderate


Monday to Friday

1.5%

25‐Apr‐08


IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


37.9%

8.1%

0.6%

10.2%

0.1%

35.3%

7.9%

Cash TFC's /Sukuk


23.1%

10.1% 8.2%

16.4%

0.1%

34.8%

7.4%

Cash TFC's /Sukuk


98

118

138

158

178

198

218

238

258

278

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

247.77 249.40 252.30 252.01260.50

274.56282.34 284.11 284.30 288.96 294.16

283.09 281.32

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 198.0 198.0 ‐0.03%

Net Assets Value (PKR '000) 568,514 571,711 ‐0.56%



IGI Conservative Fund ‐ ICF ‐0.03% ‐1.00% ‐0.03% 1.37% 5.95% 4.71% 7.64%





Fixed Income

IGI Conservative Fund ‐ ICF


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


42.2%

18.0%

1.6%

14.0% 12.7% 11.5%

Cash TFC's /Sukuk


29.9%

18.4%

11.1%

20.5%

0.2%

9.3% 10.7%

Cash TFC's /Sukuk


98

108

118

128

138

148

158

168

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

186.87 187.38 188.14 188.61 190.28 192.71195.31 195.75 196.46 198.03 199.97 198.04 197.98

150.00

160.00

170.00

180.00

190.00

200.00

210.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 145.7 145.3 0.25%




IGI Islamic Fund ‐ IIF 0.25% 0.75% 1.08% 1.91% 4.71% 4.31% 4.14%


absolute return of 0.25% against its last

month absolute return of 0.50%.


Islamic Fixed Income

IGI Islamic Fund ‐ IIF


INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt

securities having good credit quality rating and liquidity.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


55.5%

29.8%

3.4%11.3%

Cash TFC's /Sukuk


55.1%

27.8%

9.5% 7.6%

Cash TFC's /Sukuk


80

90

100

110

120

130

140

150

160

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

139.13139.81 140.39

141.06141.71 142.12

142.95 143.33 143.75 144.13 144.60145.32 145.68

134.00

136.00

138.00

140.00

142.00

144.00

146.00

148.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 428.5 435.2 ‐1.55%




IGI FS Aggressive Fund ‐ IHA ‐1.55% ‐8.17% ‐5.71% ‐3.99% 15.03% ‐2.06% 21.61%






IGI FutureSecure Adventurous Fund‐ IHA


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed

income & money market instruments.



High


Monday to Friday

1.5%

25‐Feb‐10


IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


6.0% 4.7% 0.4% 5.2%

79.4%

4.4%

Cash TFC's /Sukuk


11.3%3.9% 4.9% 9.5%

64.8%

5.5%

Cash TFC's /Sukuk


95

145

195

245

295

345

395

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

372.48 375.01 381.22 378.52 398.59433.66 446.25 443.10 443.10 454.39 466.60

435.23 428.47

0.00

100.00

200.00

300.00

400.00

500.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 250.9 252.6 ‐0.69%




IGI FS Balanced Fund ‐ IHB ‐0.69% ‐4.52% ‐2.74% ‐1.32% 11.83% 1.54% 13.13%






IGI FutureSecure Balanced Fund‐ IHB


INVESTMENT OBJECTIVE:

The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.



Moderate


Monday to Friday

1.5%

18‐Feb‐10


IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


34.6%

5.7%0.4%

11.5%

0.1%

38.4%

9.3%

Cash TFC's /Sukuk


24.4%

8.6% 8.2%

16.2%

0.1%

35.6%

6.9%

Cash TFC's /Sukuk


95

115

135

155

175

195

215

235

255

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

224.32 225.68 228.20 227.98

235.63

248.64254.22 253.67 253.66

257.93262.74

252.60 250.86

200.00

210.00

220.00

230.00

240.00

250.00

260.00

270.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 155.7 155.6 0.06%




IGI FS Cautious Fund ‐ IHC 0.06% ‐0.97% 0.01% 1.45% 7.01% 5.99% 6.19%





Fixed Income

IGI FutureSecure Cautious Fund‐ IHC


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


41.6%

18.0%

1.6%

14.0% 13.3% 11.6%

Cash TFC's /Sukuk


29.2%

15.3%11.2%

20.4%

0.2%

13.1%10.6%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

165

175

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

145.51 146.03 146.64 147.17148.31

150.48

153.49 153.88 154.43155.69

157.24155.61 155.71

135.00

140.00

145.00

150.00

155.00

160.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 198.3 197.6 0.34%



IGI FS Secure Fund ‐ IHS 0.34% 1.01% 1.47% 3.05% 5.36% 7.43% 9.72%





Govt. Securiities

IGI FutureSecure Fund‐ HIS



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Jul‐17 Jun‐17

FUND PERFORMANCE:


17.4%

82.6%

Cash TFC's /Sukuk


17.1%

82.9%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

165

175

185

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

188.24 188.55 188.93 189.31 189.91 190.11

192.45193.23

194.23195.44

196.35197.65 198.32

182.00

184.00

186.00

188.00

190.00

192.00

194.00

196.00

198.00

200.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 179.4 178.7 0.40%




Sarmaya Pakistan Income ‐ SPI 0.40% 0.85% 1.49% 2.58% 7.48% 8.83% 8.67%





Fixed Income

IGI Sarmaya Pakistan Income Fund ‐ SPI


INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive

risk. The fund Is suited for investors with low risk tolerance.


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%


Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


71.7%

14.6%2.5%

7.8%0.5% 3.0%

Cash TFC's /Sukuk


55.4%

14.4%

3.3%7.7%

0.4%

18.9%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

165

175

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

166.92 167.43 168.37 169.19 169.91 170.66

174.90 175.42 176.23 176.77177.90 178.70 179.41

160.00

165.00

170.00

175.00

180.00

185.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 139.5 138.8 0.51%




Sarmaya United Growth ‐ SUG 0.51% 0.94% 1.73% 3.05% 4.93% 6.51% 4.87%





Fixed Income

IGI Sarmaya United Growth & Income Fund ‐ SUG


INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted

returns while preserving capital over the long‐term.




Moderate


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


48.8%

17.1%

3.8%

30.4%

Cash TFC's /Sukuk


38.2%

24.7%

4.8%

32.3%

Cash TFC's /Sukuk


75

85

95

105

115

125

135

145

155

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

132.92 133.04 133.31 133.26133.97 134.40

135.34135.96

136.89 137.11138.18

138.77 139.48

128.00

130.00

132.00

134.00

136.00

138.00

140.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 373.7 381.4 ‐2.03%




Sarmaya Pakistan Stock ‐ SPS ‐2.03% ‐8.36% ‐7.13% ‐6.64% 11.97% ‐5.50% 22.50%





Equity

IGI Sarmaya Pakistan Stock Fund ‐ SPS


INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for

investors with medium to long term horizon and high risk tolerance.




High


Monday to Friday

03‐Feb‐11


IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


15.7%

83.1%

1.1%

Cash TFC's /Sukuk


6.9% 7.1%

74.5%

11.5%

Cash TFC's /Sukuk


100

150

200

250

300

350

400

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

333.72 339.45 340.13 339.21 356.57386.00 400.27 394.01 393.29 402.34 407.74

381.42 373.67

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 440.9 446.4 ‐1.24%




Sarmaya United Stock ‐ SUS ‐1.24% ‐8.31% ‐4.56% ‐2.35% 10.27% ‐2.58% 23.63%





Equity

IGI Sarmaya United Stock Fund ‐ SUS


INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term

capital gains and dividend yield potential.




High


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


26.2%

73.8%

Cash TFC's /Sukuk


18.8%

80.3%

1.0%

Cash TFC's /Sukuk


95

145

195

245

295

345

395

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

399.79 398.77 405.77 397.35425.09 447.59 451.47 449.19 452.07 461.92 480.85

446.39 440.87

0.00

100.00

200.00

300.00

400.00

500.00

600.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 240.2 239.0 0.52%

Net Assets Value (PKR '000) 5,422,147 5,576,730 ‐2.77%


IGI Sarmaya Secure ‐ SSE 0.52% 1.07% 1.57% 3.02% 5.64% 7.51% 13.27%





Govt. Securiities

IGI Sarmaya Secure Fund ‐ SSE



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.




Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Jul‐17 Jun‐17

FUND PERFORMANCE:


2.0%10.1%

87.9%

Cash TFC's /Sukuk


10.5%

89.8%

Cash TFC's /Sukuk


100

120

140

160

180

200

220

240

Feb‐11

Feb‐12

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

227.41 227.79 228.58 229.17 230.00 230.20

233.20 234.03235.20

236.52237.69

239.00240.24

220.00

225.00

230.00

235.00

240.00

245.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 140.4 139.8 0.46%




Sarmaya United Money ‐ SUI 0.46% 0.91% 1.27% 2.86% 5.61% 6.05% 6.97%




Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund ‐ SUI


INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy

liquidity to its investors by investing more than 50% of the portfolio in short term government securities




Low


Monday to Friday

19‐Jul‐12


IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Jul‐17 Jun‐17

FUND PERFORMANCE:


99.0%

1.0%

Cash TFC's /Sukuk


98.1%

1.9%

Cash TFC's /Sukuk


100

105

110

115

120

125

Feb‐13

Feb‐14

Feb‐15

Feb‐16

Feb‐17

132.95133.54 134.09 134.61 135.14 135.65

136.51 136.90138.28 138.65 139.14

139.77140.41

128.00

130.00

132.00

134.00

136.00

138.00

140.00

142.00


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