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Wednesday, December 13, 2000, updated at 09:14(GMT+8) | |||||||||||||
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HK Fund Industry Sees Net Inflows in OctoberThe Hong Kong fund industry registered net inflows of US$134.3 million in October, representing a marked improvement over September that registered net outflows of US$245.78 million, according to the Hong Kong Investment Funds Association (HKIFA) Tuesday. While nine of the 16 sectors saw net inflows, inflows were mainly attributed to three sectors, namely cash funds, guaranteed funds and international funds. Their aggregate net inflows accounted for about 93 percent of the industry total.The relatively strong net inflows into cash funds and guaranteed funds probably reflected that more investors chose to remain sidelined in view of the uncertain market outlook, according to HKIFA. The interest in the international sector could be attributed to some investors' desire to make use of a balanced portfolio to remain invested and yet at the same time, hedge against market uncertainties. In fact, industry sales as a whole slackened in October, with gross inflows and redemption shrinking to US$482.58 million and US$134.3 million, down by about 25 percent and 61 percent from September's respective totals. Sectors with a substantial drop in gross sales included European equity funds, Japanese equity funds and North American funds. Each of these saw a drop by about 50 percent in gross sales in October. Hong Kong equity funds also saw a major drop in gross sales, by about 38 percent to US$30.25 million in October. But redemption also dropped by about 91 percent to US$7.8 million.
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