Q2 stock of investment fund units grows despite price losses
The stock of investment fund units, calculated at net asset value, grew 0.6% to Ft 2,099 billion (€7.5 billion) in the second quarter of 2006 as the result of net purchases worth Ft 30.2 billion and price losses of Ft 18.5 billion, the National Bank of Hungary (MNB) said in a report published on Tuesday.
Investment funds were the only segment on the Hungarian securities market to grow in Q2 2006, a period which saw a dramatic deterioration in market sentiment after the announcement of an austerity program early June following the April general elections. The situation was made worse by a sharp weakening of emerging market currencies in mid-June.
Financial companies, with the exception of banks, were net buyers of investment fund units in Q2 2006, purchasing Ft 23.3 billion, more than compensating for a Ft 6.7 billion price loss. Financial companies' stock of investment fund units at net asset value (NAV) reached Ft 397.4 billion at the end of June. Among financial companies, the biggest buyers of investment fund units were financial intermediaries, purchasing net Ft 12.7 billion, and insurance companies and pension funds, purchasing a combined net Ft 12.1 billion.
ADVERTISEMENT
Mapei Targets 6% Higher Revenue This Year
Parliament Negates Mandatory Membership in MOK
Magyar Suzuki to Start Dual Training Courses
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
