In The News
Street Sweep
CNNfn National Cable National
10/23/2003 3:00 - 4:00 pm Eastern
[Derived from Captioning] 46.17 It`s no wonder Asian funds are among the best performers in the mutual fund universe. Alliance Bernstein, great 97 returned a 66.5% so far this year. Dimensioned Japanese up 63% as is Matthews Japan. Eaton Vance and Fidelity up more than 60. China`s fast growing economy is stoking that rally. The building boom is sparking demand in construction especially in coastal cities. The rebound is creating a bigger home for Chinese and Asian products. Since Asia is the home to a lot of exporting companies, companies that export to more industrialized areas like the United States, and in particular some of the sectors that have been the strongest here and abroad, and then I`m referring mostly to technology and semiconductor issues. The general sense of a global economic recovery has definitely helped Asian companies and Asian stocks. And even though Russia and some other emerging markets are outperforming Asia in the stock market, analysts say investors are shoveling more money into Asian funds because many investors receive greater growth long term. Chinese stocks are the big gainers. Investors will want to track overall performance and consult a new but fledgling index. 47.50
[Derived from Captioning] 47.50 The Halter USX China Index, tracking stocks traded on U.S. exchanges. That index nearly doubled in the past 12 months outstripping the Dow`s gains by nearly five times. That index includes the internet hot fliers Sohu.Com and Netease.Com as well as Brilliance, China Automotive and Yuchai. China multiplied over the past 12 months. They`re all up and trade in the U.S. as American depository receipts or orders. One caveat of investing in Chinese and other Asian stocks, exchange rates with the U.S. exceeds in plotting China to revalue it`s Yuan and others with their currencies, the competitiveness of Asian exports making them more expensive. All right. Fred, thank you very much. Dow turns flat. Bob joins us after the break. Don`t go away. 48.49
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