10th Jan 2020 17:19
(Alliance News) - Invesco Asia Trust PLC on Friday said it underperformed its benchmark in the first half of its current financial year due to unfavourable political developments and lacklustre performance.
The investment company recorded net asset value per share as at October 31 at 308.0 pence from 322.7p posted at April 30.
The trust's net asset value negative return for the six month period was 3.7%. In comparison, the trust's benchmark, the MSCI AC Asia ex Japan Index, which made a negative return of 1.7%.
Invesco Asia Trust share price stood at 268.0 pence at the end of the first half, reflecting a 12% discount to NAV.
The stock closed 0.7% lower on the day Friday at 299.00p in London, but marked an improvement from the period-end.
"The outlook for Asian markets is still mixed: politics remains to the fore in Hong Kong and India, while progress in the resolution of the disputes between the US and China, and also South Korea and Japan, has been slow. However, the liquidity backdrop to stock markets is favourable as central banks continue to support economic growth through monetary easing," said Chair Neil Rogan.
The company said it will pay a dividend of 3.4p per share, a 21% increase from 2.8p the prior year.
By Ife Taiwo; [email protected]
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