The net assets of Korea’s investment funds increased last month on the back of strong stock market performance, data showed on Feb. 18.
The net assets of local investment funds came to 573.9 trillion won (US$510.45 billion) in January, up 5.4 percent from the previous month, according to the data compiled by the Korea Financial Investment Association (KOFIA).
During the period, the net assets of money market funds surged 17.5 percent to 106.1 trillion won, and those for stock funds advanced 8.0 percent on-month to 86.3 trillion won, the data showed.
The investment funds recorded a capital outflow last month, but the stock market rally both at home and abroad pulled up their net assets, the association noted.
The benchmark KOSPI spiked 8.7 percent in January from the end of last year to finish at 2,204.85.
The total value of local investment funds‘ products stood at 573.5 trillion won as of the end of last month, up 4.1 percent from the previous month, according to KOFIA.
By Ram Garikipati and newswires (email@example.com)