China's mutual fund industry posts 124.82 bln yuan net profit in 2006 - report |
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Mon, 22 Jan 2007 05:58
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SHANGHAI (XFN-ASIA) - China's mutual fund industry earned combined net profit of 124.82 bln yuan last year reversing a net loss of around 8.6 bln yuan in 2005, thanks to the country's booming stock market, Shanghai Securities News reported, citing domestic financial data.In the fourth quarter of 2006 alone, the 278 funds managed by 53 fund management companies posted net profit of 54.15 bln yuan , up 119.79 pct from the same period of 2005, the report said.During the same quarter, the top three sectors in which mutual funds had increased their stock holdings were finance and insurance, metals, and property, the report addedWith the removal of the overhang of non-tradable shares, and after a series of other market-supportive measures, the benchmark Shanghai Composite Index rose about 130 pct in 2006, it noted.(1 usd = 7.8 yuan)qionghui.feng@xinhuafinance.com
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