Karachi: JS Global Capital Limited disclosed the leadership changes and the financial performance of its JS Global Banking Sector Exchange Traded Fund for the first half of 2024. The company announced the resignation of CEO Imtiaz Gadar effective July 31, 2024, and the appointment of Muhammad Khalilullah Usmani as the new CEO. This transition comes amid a phase of sustained growth and strategic positioning by the company.
Under the leadership of Mr. Gadar, JS Global sustained growth, outpacing its industry peers and earning international and local recognition. The Board expressed deep gratitude for Mr. Gadar's contributions to the company's success and strategic positioning. Mr. Usmani, having been a key figure in the company since 2012, is expected to continue this trajectory following his significant contributions to the company's market share and brand prominence.
The Fund reported a net asset value per unit of Rs. 18.59 as of June 30, 2024, reflecting a return of 37.0% against the benchmark return of 36.2%. Net Assets of the fund stood at Rs. 130.5 million. The total expense ratio, including government levies, is reported at 1.04%.
In the broader economy, the second quarter of 2024 showed positive impacts from government and regulatory reforms, with a surplus in the current account of US$229 million in April and May. The Pakistani rupee remained stable against the US dollar, and the Consumer Price Index indicated a disinflationary trend, averaging 14% compared to much higher rates in the previous quarters and year.
According to information available from the Pakistan Stock Exchange (PSX), the KSE-100 index surged by 17% during the second quarter, closing at 78,445 points. This growth was spurred by the State Bank of Pakistan's decision to cut the Policy Rate by 150 basis points to 20.5% in June 2024, signaling the start of a monetary easing cycle. Foreign investor participation increased significantly, with US$65.8 million invested in the quarter, particularly in the banking sector, which attracted nearly half of the total foreign investment.
The company extended its appreciation to its employees for their dedication and to its clients, business partners, and shareholders for their support and confidence. It also acknowledged the efforts of the Securities and Exchange Commission of Pakistan, Central Depository Company of Pakistan Limited, National Clearing Company of Pakistan Limited, and the management of Pakistan Stock Exchange Limited for their roles in strengthening the capital markets and protecting investor rights.