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Net assets of S. Korean investment funds edge up in October

2018/11/09 12:04

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SEOUL, Nov. 9 (Yonhap) – The net assets of South Korea's investment funds rose slightly last month due mainly to an increase in money market funds (MMFs) amid poor performances of the local stock market, data showed Friday.

The net assets of local investment funds came to 556.1 trillion won (US$493.9 billion), in October, up 1.5 percent from the previous month, according to the data compiled by the Korea Financial Investment Association (KOFIA).

During the period, the net of the MMFs surged 20.8 percent on-month to 19.2 trillion won, while that of stock funds skidded 9.8 percent to 75.9 trillion won, the findings showed.

In October, concerns over escalating trade frictions between the United States and China swept through the global market, and the Korean exchange was hit particularly hard, witnessing the steepest monthly decline in a decade.

The total value for local investment funds' products stood at 562.2 trillion won as of the end of last month, up 3.8 percent from the previous month, according to the KOFIA.