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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.

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