China's 661 mutual funds managed by 60 fund management firms registered a combined loss of 439.75 billion yuan ($65 billion) in the first half of the year, the Shanghai Securities News reported. It is the second biggest loss in history, following the first half of 2008.
The loss is mainly due to a weak market: the 261 stocks-oriented funds reported the biggest loss of 296.3 billion yuan, and 155 funds that make part of their investment in stocks lost 120.5 billion yuan.
The Shanghai Composite Index, China's benchmark stock index, fell 27 percent in the first half, becoming one of the worst performers in the global stock markets, according to Reuters.
- Funds see huge losses, managers gain in H1 2010-08-30