Funds' net asset value up nearly 6% in Q3 on stock rally: data

People cheer inside the dealing room in Hana Bank in central Seoul when the benchmark Korea Composite Stock Price Index (KOSPI) broke the 4,000 threshold for the first time, Monday. Yonhap

The value of Korean investment funds rose almost 6 percent in the third quarter of this year from three months earlier, in tandem with a stock market bull run, data showed Wednesday.

The net asset value of Korean investment funds reached 1,308.9 trillion won ($913.1 billion) as of end-September, up 5.9 percent, or 73.2 trillion won, from three months earlier, according to data from the Korea Financial Investment Association (KOFIA).

The net assets of equity funds increased by the most, by 27.7 trillion won, on the local stock market's stellar performance in the July-September period, the association said.

The benchmark Korea Composite Stock Price Index (KOSPI) had risen around 11 percent from June 30 to Sept. 30, boosted by a rally in chipmakers.

The net assets of bond funds grew by 16.2 trillion won, while those of money market funds (MMFs) that invest mainly in short-term products fell by 3.4 trillion won over the cited period.

Money inflows into bond investment funds and equity funds totaled 14.4 trillion won and 7.4 trillion won, respectively.

MMFs, however, experienced a money outflow of 4.9 trillion won, the data showed.