The recorded losses sustained international stock markets have eaten away at the assets managed by Bulgarian
mutual funds, reports
Reuters. Managed assets in the country fell by around 150 million to 735 million levs by January 23. The decline is close to 17% compared with the end of 2007, according to data reported to the
Bulgarian Association of Asset Management Companies and the
Bulgarian Stock Exchange by the end of last week.
SOFIX, Bulgaria's benchmark stock index, is down 21% so far in 2008, notching up 16 down sessions and just two that ended into positive territory. Market watchers said the fear of seeing their investments melt away is the main reason for so many retail investors cashing in their mutual fund shares. The withdrawals forced many of the
