South Korean losses from overseas equity funds $2.04 billion
This is due mainly to the meltdown in Chinese stocks this year, a private fund ratings company said.
The value of net assets in 2,872 overseas equity-linked fund products fell by 2.357 trillion won to 16.891 trillion won on May 16 from 19.249 trillion won a year earlier, according to data from the KFR.
Investors freshly injected a combined 2.55 trillion won into the overseas equity funds offered by local banks, brokerages and other financial institutions in the past 12 months through May 16, a KFR spokeswoman said.
"China's volatile stock markets were the main culprit for the sharp plunge in the valuation losses," she said.
As of Monday, the investment principal in the 2,872 fund products totaled 21.280 trillion won, with Chinese equity-related funds accounting for 40.5 percent, or 8.614 trillion won, of the total, the data said. ■