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Overseas funds' return slumps
By Winny Wang |
February 13, 2010, Saturday
|
Print Edition
Print Edition
THE average return of funds managed by overseas institutions trading in yuan-denominated shares slumped 10.04 percent in January after the key stock index dropped nearly 9 percent, a report said yesterday.
The decline was faster than a 7.5 percent drop in the average return posted by domestic equity funds, according to research firm Lipper & Co.
The Shanghai Composite Index dropped 8.78 percent last month amid concerns over tighter monetary policies in the pipeline, the report said.
"The country achieved an 8.7 percent increase in economic growth last year, but concerns about an overheating economy, sizzling credit growth, irrational housing price increases and asset bubbles dampened investor confidence in the stock market," said Xav Feng, research head of Lipper China. "Controlling credit growth is the key task for the government."
The average return of funds under the Qualified Domestic Institutional Investor scheme, which allows domestic firms to invest in overseas stock markets, fell 8.61 percent.
Fund firms received US$8.08 billion in QDII quotas after approval of QDII funds was resumed in October, the report said.
The decline was faster than a 7.5 percent drop in the average return posted by domestic equity funds, according to research firm Lipper & Co.
The Shanghai Composite Index dropped 8.78 percent last month amid concerns over tighter monetary policies in the pipeline, the report said.
"The country achieved an 8.7 percent increase in economic growth last year, but concerns about an overheating economy, sizzling credit growth, irrational housing price increases and asset bubbles dampened investor confidence in the stock market," said Xav Feng, research head of Lipper China. "Controlling credit growth is the key task for the government."
The average return of funds under the Qualified Domestic Institutional Investor scheme, which allows domestic firms to invest in overseas stock markets, fell 8.61 percent.
Fund firms received US$8.08 billion in QDII quotas after approval of QDII funds was resumed in October, the report said.
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