Bulgarian mutual funds post monthly fall
BULGARIA - Corrections in the local and global stock markets wiped nearly BGN100m (€51m) off the asset value of mutual funds in the Bulgarian market during November, according to calculations by Sofia-based business newspaper Dnevnik.
It was the sector's first monthly decline since the end of 2005, it added.
The fall was due to a decline in return rates and to the repurchase of share units, Dnevnik reported.
The combined net assets of local funds that have been in operation for more than a month totalled BGN880m at the end of November compared with BGN972m a month earlier.
Dnevnik said its estimates were based on net asset value data reported by mutual funds to the local stock exchange and the financial regulator.