MPF incurs HKD23bn loss in August

The Mandatory Provident Fund (MPF) has recorded a loss of HKD23bn in August, where each member lost an average of HKD5,000. The loss is the MPF's seventh monthly loss in 2022 with a drop of 2.16% during the month. The year-to-date losses have increased to about HKD176.8bn. After factoring in MPF contributions, August's average MPF member account balance is expected to be about HKD227,400, a decrease of HKD4,100 over the month. Total MPF assets are expected to end the month at about HKD1.043tr, a drop of HKD19bn from the previous month. The Mandatory Provident Fund Authority said that members should not be overly concerned about short-term market volatility and they should not try to chase the market as the gains may not make up for the losses.