久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Businesses seek refuge in bond funds

Updated: 2013-01-09 07:00

By Sophie He(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

 Businesses seek refuge in bond funds

Former Hong Kong Monetary Authority Chief Executive Joseph Yam speaks at a global bonds conference in Hong Kong (file photo). Bond funds surged in 2012 as city's investors turned to bonds for profit. Paul Hilton / Bloomberg

The gross sales of retail investment funds in Hong Kong surged 42 percent to a record $51.4 billion in the first 11 months of 2012 as thirst for interest income amid the low interest rate environment and heightened risk aversion drove more investors into investing in bond funds, according to the Hong Kong Investment Funds Association (HKIFA).

Bond funds took up the lion's share of fund sales in 2012, with gross sales of $34.8 billion during the first 11 months of the year.

In terms of net sales, bond funds attracted $13.6 billion from January to November 2012, which is also at an all-time high, representing a 119 percent increase compared with the same period in 2011.

High yield bond funds came first out of the various bond categories, attracting $4.3 billion net inflows. The European bond funds sector became the only category to see outflows ($53 million) as investors were concerned how the eurozone debt crisis would pan out.

Meanwhile, equity funds sales had lost its momentum despite a relatively strong performance in equity markets last year, especially in the second half. Its share in the industry's total gross sales dropped to 19 percent in 2012 from 84 percent in 2007.

Equity funds registered $9.6 billion gross sales during the first 11 months of 2012, dipping 39 percent year-on-year. Furthermore, they saw net outflows of $1.2 billion, compared with a $572 million net inflow over the same period in 2011.

Asia regional (excluding Japan) funds and Asian single market funds (non Japan/China/Hong Kong) saw the largest outflows, at $318 million and $298 million, respectively; Greater China Equity funds, once the most popular category, saw $279 million net outflows. Hong Kong equity funds managed to attract $34 million, but it is only marginal compared with the total outflows.

Lieven Debruyne, chairman of HKIFA, said the investors were not buying into equity funds last year as they were still alert on issues and uncertainties in Europe, the US and even the Chinese mainland.

"Despite a strong equity market in the second half (of 2012), the conviction of a sustained performance in the equity market is still not there," said Debruyne.

But he said that if the performance of the equity market continues to be strong this year, investors may be interested in equity funds again.

Debruyne said he believes that the fund sales in 2013 will remain at a healthy level on the back of the extended low interest rate environment in Hong Kong, as investors will continue to search for higher yield products to increase their wealth.

Bruno Lee, HKIFA Unit Trust subcommittee chairman, warns that investors should be aware of the potential risks associated with bond funds.

In particular, any bonds or bond funds will be subject to credit risk of the issuer, interest rate risk and currency risk as well as the change in the economic environment.

Also, for funds that have regular pay out, investors should understand whether the distributions are generated from income from the portfolio only or from the fund capital as well, said Lee.

sophiehe@chinadailyhk.com

Businesses seek refuge in bond funds

(HK Edition 01/09/2013 page2)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    韩国三级在线一区| 成人丝袜高跟foot| 欧美成人国产一区二区| 久久99精品国产麻豆婷婷 | 91麻豆自制传媒国产之光| 依依成人综合视频| 欧美欧美欧美欧美首页| 免费高清在线视频一区·| 精品国内片67194| 国产成人h网站| 亚洲免费av高清| 欧美一区二区在线视频| 国产成人综合亚洲网站| 亚洲免费观看高清在线观看| 欧美日韩国产一级| 国产一区二区剧情av在线| 国产精品每日更新在线播放网址| 91激情五月电影| 男女激情视频一区| 国产精品剧情在线亚洲| 在线观看欧美精品| 免费看欧美美女黄的网站| 欧美国产日韩精品免费观看| 91国偷自产一区二区三区观看| 美女视频免费一区| 国产精品视频看| 欧美精品丝袜中出| 粉嫩av一区二区三区| 亚洲一区二区在线免费看| 精品国产一区二区三区四区四| av一本久道久久综合久久鬼色| 亚洲国产日韩一级| 久久久五月婷婷| 欧美主播一区二区三区美女| 精品一区二区综合| 国产精品夫妻自拍| 日韩欧美一级在线播放| eeuss鲁片一区二区三区在线观看| 丝袜美腿高跟呻吟高潮一区| 日本一区二区视频在线观看| 欧美日本在线播放| 欧美一卡在线观看| 91视频com| 国产剧情一区二区| 亚洲午夜久久久久中文字幕久| 精品国一区二区三区| 欧美中文字幕久久| 国产成人av资源| 免费美女久久99| 一区二区三区日韩| 国产日韩成人精品| 欧美福利视频一区| 色综合一个色综合| 国产精品456| 日本一区中文字幕| 亚洲一区欧美一区| 亚洲欧洲美洲综合色网| 91丨九色丨国产丨porny| 韩国一区二区在线观看| 亚洲成a人片综合在线| 国产精品久久综合| 久久久久久免费毛片精品| 欧美剧在线免费观看网站| 色又黄又爽网站www久久| 国产ts人妖一区二区| 久久99精品国产.久久久久久| 亚洲成人你懂的| 亚洲日韩欧美一区二区在线| 国产欧美精品一区二区三区四区| 日韩一二在线观看| 在线播放91灌醉迷j高跟美女| 99re成人精品视频| 国产69精品久久99不卡| 韩国中文字幕2020精品| 免费在线欧美视频| 午夜伊人狠狠久久| 一区二区三区 在线观看视频| 中文字幕在线不卡视频| 久久精品欧美一区二区三区不卡| 欧美一区二区三区思思人| 欧美色综合影院| 在线精品视频一区二区三四| 97久久超碰国产精品电影| 成人精品免费网站| 国产精品夜夜嗨| 国产揄拍国内精品对白| 久久精品久久久精品美女| 人人狠狠综合久久亚洲| 午夜精品视频一区| 午夜伦欧美伦电影理论片| 亚洲综合网站在线观看| 亚洲激情av在线| 亚洲男人天堂一区| 一区二区三区在线观看动漫| 综合在线观看色| 国产精品福利av| 亚洲视频小说图片| 亚洲欧美偷拍另类a∨色屁股| 自拍偷拍亚洲综合| 亚洲精品视频自拍| 一区二区三区中文字幕电影| 亚洲精品一卡二卡| 一区二区三区在线免费播放| 亚洲一区二区欧美激情| 亚洲成在人线在线播放| 午夜久久久影院| 日韩av电影天堂| 老汉av免费一区二区三区| 久久电影网站中文字幕| 狠狠色综合色综合网络| 国产精品白丝jk白祙喷水网站| 国产mv日韩mv欧美| 99久久久精品免费观看国产蜜| 91丨porny丨在线| 91国内精品野花午夜精品| 欧美日本在线观看| 欧美一区二视频| 精品电影一区二区| 欧美高清在线精品一区| 亚洲日本护士毛茸茸| 一区二区三区中文字幕| 婷婷国产v国产偷v亚洲高清| 美女网站在线免费欧美精品| 国产伦精品一区二区三区在线观看| 国产91精品久久久久久久网曝门| av激情综合网| 欧美日韩专区在线| 欧美大片在线观看一区| 国产欧美日韩另类一区| ●精品国产综合乱码久久久久| 一区二区三区丝袜| 免费视频一区二区| 夫妻av一区二区| 91国模大尺度私拍在线视频| 91麻豆精品国产91久久久资源速度 | 精品久久久久久久人人人人传媒| 久久人人爽爽爽人久久久| 欧美国产精品一区二区三区| 亚洲精品日产精品乱码不卡| 视频一区二区三区在线| 韩国精品在线观看| 91一区二区在线| 69成人精品免费视频| 久久人人爽人人爽| 一区二区三区中文字幕电影| 免费成人在线观看| av电影在线观看一区| 欧美日韩精品一区二区天天拍小说| 精品国产网站在线观看| 亚洲婷婷综合色高清在线| 日韩国产成人精品| 成人午夜免费视频| 欧美日韩精品一区视频| 国产欧美日韩另类视频免费观看| 亚洲一区影音先锋| 国产传媒一区在线| 欧美日韩一本到| 久久精品一区二区三区av| 亚洲一二三区在线观看| 国产在线播精品第三| 91精彩视频在线观看| 久久人人97超碰com| 一区二区视频在线| 韩国一区二区视频| 91国产精品成人| 久久久一区二区| 午夜精品久久久久久久久久 | av午夜一区麻豆| 欧美精品电影在线播放| 欧美国产丝袜视频| 午夜在线成人av| 成人国产视频在线观看| 欧美一区午夜视频在线观看 | 亚洲图片欧美色图| 国产精品77777| 欧美猛男男办公室激情| 国产精品视频一二| 蜜臀av性久久久久蜜臀aⅴ| 99re成人在线| 久久免费的精品国产v∧| 午夜久久电影网| 99国产精品一区| 久久老女人爱爱| 日韩影院精彩在线| 91丨国产丨九色丨pron| 久久精品在线免费观看| 水蜜桃久久夜色精品一区的特点| 99国产麻豆精品| 久久久不卡影院| 日本视频一区二区三区| 色婷婷亚洲婷婷| 国产精品热久久久久夜色精品三区| 免费的成人av| 欧美日韩久久久久久| 国产精品久久久久久久久免费丝袜 | 国产精品乡下勾搭老头1| 日韩一区二区三区三四区视频在线观看 | 久久久www成人免费无遮挡大片| 日本aⅴ亚洲精品中文乱码| 欧美色区777第一页|