Fund firms reverse losses
By Vera Ye |
August 30, 2012, Thursday
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Print Edition
Print Edition
CHINA'S fund management firms reversed losses and posted a nearly 100 billion yuan (US$15.9 billion) combined profit on investment in the first half of this year as the equity and bond markets improved and expenses were cut.
The country's 67 fund management firms made a total profit of 99.8 billion yuan in the first six months, according to TX Investment Consulting Co. In the same period of last year they lost 125.4 billion yuan. Stock funds contributed 50.8 billion yuan, or 50.9 percent of the total profit.
The firms gained from the modest rebounds in domestic stocks and bonds. The Shanghai Composite Index rose 3.5 percent in the first half.
The country's 67 fund management firms made a total profit of 99.8 billion yuan in the first six months, according to TX Investment Consulting Co. In the same period of last year they lost 125.4 billion yuan. Stock funds contributed 50.8 billion yuan, or 50.9 percent of the total profit.
The firms gained from the modest rebounds in domestic stocks and bonds. The Shanghai Composite Index rose 3.5 percent in the first half.
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