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Mutual funds increase despite bearish market

(Xinhua)
Updated: 2009-01-25 13:06

BEIJING -- Figures from the China Securities Regulatory Commission (CSRC) show that in 2008 China's mutual funds enjoyed an increase of 281.9 billion shares despite the bearish market that dampened investment throughout the year.

Undated file photo shows mutual fund brochures from China Merchants Bank. Figures from the China Securities Regulatory Commission show China's mutual funds enjoyed an increase of 281.9 billion shares in 2008 despite the bearish market that dampened investment throughout the year. [cnsphoto]

According to statistics ending December 31, 2008, China had 464 mutual funds, with a combined net value of 1.89 trillion yuan (about US$277 billion) and a total shares of 2.464 trillion shares.

Of all the mutual funds, 89 were newly founded in 2008.

The net value of 31 closed-end funds stood at 68.55 billion yuan, accounting for 3.63 percent of the total; while that of 433 open-end funds valued at 1.82 trillion yuan, accounting for 96.37 percent.

In 2008, China's stock market experienced the worst performance in history, with the benchmark Shanghai composite index plummeted from a high of 5522.78 points in January to a low of 1664.93 points in October, down nearly 70 percent.