Monday December 29, 04:41 AM
SKorea's biggest investor to cut shareholdings
SEOUL (AFP) - South Korea's state pension fund, the country's largest institutional investor, will cut its stock investments next year amid global financial turmoil and bearish markets, the government said Monday.
The National Pension Service (NPS) will trim its stock investment ratio from the current 29.7 percent to 20.65 percent of total assets, according to the Ministry of Health, Welfare and Family Affairs.
The NPS manages holdings of more than 230 trillion won (180 billion dollars).
The fund has lowered its local stock investment target to 17.0 percent of its assets from the previous 20.3 percent, and cut planned investment in overseas shares to 3.6 percent from 9.4 percent, the ministry said.
It plans to increase its holdings of bonds and other investments from the current 66.4 percent to 73.4 percent, the ministry said.
The pension fund had been planning to increase its stockholdings to 40 percent of the total by 2012 until the global financial turmoil intensified in mid-September.
Last year the fund reported a 7.05-percent return on assets.
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