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Aberdeen New Dawn IT lags benchmark

18 December 2015 09:13

Aberdeen New Dawn Investment Trust's net asset value fell by 17.0% in the six months to the end of October compared with a 16.4% fall in its benchmark, the MSCI AC Asia Pacific ex Japan Index - both on a total return basis.

The share price declined by 16.7% (also on a total return basis), ending the period at 154.25p, with the discount to NAV stable at 12.9%.

Chairman David Shearer said: "Following strong gains in the previous financial year, Asian equity markets sustained a difficult period during the six months to 31 October."

Looking ahead, he said: "Despite the recent market rebound in Asian equities, volatility is likely to persist over the medium term. It will take time for China to transition from an investment-led economy to one driven by domestic consumption and for those companies affected by it to adjust to the new environment. Fortunately, the economic fundamentals in Asia remain strong with most countries holding high levels of foreign currency reserves giving their Central Banks scope to reduce interest rates if economic growth falters."

At 9:13am: (LON:ABD) Aberdeen New Dawn Investment Trust Plc share price was -0.25p at 146.5p

Story provided by StockMarketWire.com

Related Company: ABD

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