Mutual Funds Industry
A rearview account
Fund performance is interplay between management strategy and market dynamics. Our capital markets have been characterized by significant volatility. Even though year-on-year index returns depict upward rally, with 66% return for 2003, 39% for 2004, 54% for 2005, 5% for 2006 and finally 40% in 2007, a breakdown into monthly returns shows that the index did not follow a straight upward trajectory. The average monthly returns graphed below, reflect the volatility over this period:

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First Al- Noor Modaraba
Entity: BBB/A-3, Outlook: Stable
JCR-VIS Reaffirmed Entity Ratings BBB/A-3 to First Al - Noor Modaraba
JCR-VIS Credit Rating Company Limited has reaffirmed entity ratings of First Al-Noor Modaraba (FAM) at 'BBB/A-3' (Triple B/A-Three). Outlook on the ratings is 'Stable'.

THE NEWS Index
January-November 2009
End of Last End of Net Net
Month Previous Change Change
Month Points %
Composite 5,338.0 5,740.4 (402.3) (7.0) (-)
Financials 2,878.0 3,201.9 (323.9) (10.1) (-)
Industrials 6,682.1 7,091.7 (409.6) (5.8) (-)

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
ISSUE / ISSUER MEDIUM TO OUTLOOK SHORT
LONG TERM TERMEntity Ratings
AlBaraka Islamic Bank BSC - Pakistan Branches A Stable A-1
Al Meezan Investment Management Ltd. A Stable A-2
Al Noor Sugar Mills Ltd BBB+ Stable A-2