16th Aug 2016 16:06
LONDON (Alliance News) - Aberdeen Asian Income Fund Ltd on Tuesday reported growth in its net asset value in the first half of 2016, outperforming its benchmark.
The fund said its NAV returned 17% in sterling terms in the first half, compared with its benchmark the MSCI AC Asia Pacific ex Japan Index which returned 13%.
Aberdeen Asian said southeast Asian stock markets were among the region's top performers, led by Thailand which saw signs of economic recovery on the back of government spending. Indonesia was boosted by monetary policy easing and optimism over a tax amnesty law.
Its performance was also boosted by its low exposure to China, which lagged behind other regional markets.
"While it is early days yet to ascertain the full extent of Brexit's impact, your manager's preliminary assessment is that the effect on Asia is fairly limited, although, since the referendum, the weakness of sterling has proved beneficial to the company's NAV. Asian currencies have been much less volatile than their continental counterparts, and fundamentals remain relatively sound," Chairman Peter Arthur said in a statement.
Shares in Aberdeen Asian closed down 0.1% at 198.75 pence on Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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