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| Securities fund assets break 600-billion-yuan mark |
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| www.chinaview.cn
2006-11-23 17:07:45
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BEIJING, Nov. 23 (Xinhua) -- China's securities fund
industry has beefed up its muscles rapidly this year, with their aggregate net
assets estimated around 650 billion yuan by mid-November, according to a latest
industrial report.
This is the first time that it broke the 600 billion
yuan mark, said the report by the China Galaxy Securities Research Center.
It also estimated that stocks accounted for up 83.33
percent or amounted to 500 billion yuan of the total net assets.
Chief fund analyst Hu Lifeng of the research center
said by Tuesday, a total of 10 funds including the Huaxia Securities Fund and
Guangdong Development Fund have registered a 100 percent growth in net assets.
He attributed the rapid expansion to the strong
momentum of China's stock markets and the appeal of high yield from investing
capital market.
Most of China's close-ended funds kept suffered
losses and were unable to offer dividends until the stock markets started to
look up in the second half of last year.
The benchmark Shanghai Composite Index, spurred by
banking and oil stocks, closed at 2,037.5 points Tuesday, double the lowest
point of 998 points in last June.
Director Ren Tengtai of the Research Center of the
China Galaxy Securities, said the strong growth of share prices was just the
rectification of undervalued stocks and there was still much room for growth.
China has about 310 securities funds, with 31 issued
this year, said the report.
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