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Stock funds suffer huge losses on global market rout

All News 10:02 January 17, 2016

SEOUL, Jan. 17 (Yonhap) -- South Korean funds for domestic and overseas stocks have suffered massive losses this year, hit by a global stock market rout, data showed Sunday.

A total of 1,563 stock-type investment funds posted a combined valuation loss of 3.5 trillion won (US$2.9 billion) between the start of this year and Thursday, according to the data compiled by market researcher FnGuide.

Overseas equity funds chalked up a valuation loss of 1.89 trillion won, with those for domestic shares reporting the remainder.

Of the total, funds reserved for Chinese stocks posted the lowest investment return of minus 14.95 percent over the cited period, according to the data.

Amid investor concerns over China's economy and the yuan, China's stock and currency markets have seen increased volatility in recent sessions, roiling financial markets across the world.

The Shanghai Composite Index plunged 3.5 percent Friday, falling more than 20 percent from its December high.

South Korea's benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,878.87 points on Friday, down 2.02 percent from a week ago and the lowest level since Sept. 8, 2015.

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