The Asian equity market rode on a roller coaster last week, especially China stock market. Driven by worry that the discretionary monetary easing will be soon at and end, China market experienced the largest single day slump in 14 months on 31 August. However, a V-shaped rebound successfully resumed the lost territory in the coming days. The Shanghai Composite Index gained 0.03% last week, whilst Hang Seng Index, which seemingly mimicked the ups and downs of the China equity market in the week, rose 1.09%. While economic figures of the western world suggest that the recession is closed to an end, Taiwan equity market, an export-heavy one, is fuelled by the hope of a strong top-line growth ahead. For the week, Taiwan Taiex Index vigorously rose 5.04%. ASEAN equity markets suffered from heavier profit taking pressure then its Asian counterparts. Kuala Lumpur Composite Index, a key gauge in Malaysia, slightly increased for 0.38% and Singapore Straits Times Index lost 0.76% last week. 

Gold became a bright spot of the week, as gold price surged to nearly US$ 1,000 per ounce last week. During the week, Sector Equity Precious Metals gained 10.33%, which was the top performing Morningstar Category. Taiwan equity funds followed the strong trend of stock market, Taiwan Aggressive Balanced, Taiwan Small/Mid-Cap Equity and Taiwan Large-Cap Equity both gained 7.19%, 5.91% and 4.62% respectively. Despite the stunning volatility during the week, China equity funds still averagely gained 3.21%, while Hong Kong Equity funds increased 2.71% on average. The average fund in the Morningstar Malaysian fund category posted a fair gain of 1.29%, while Singapore Equity fund gained 1.63% on average during the week.

Top Performing Category Ranked by 1 Week Return
Morningstar Category	Trailing Total Returns (USD, %)
	1-week	1-month	3-month	1-year	3-year	5-year
Sector Equity Precious Metals	10.33	8.39	6.33	30.54	2.04	14.68
TWD Aggressive Balanced	7.19	2.32	-2.89	9.24	N/A	N/A
Taiwan Large-Cap Equity	5.91	4.87	8.78	9.55	1.32	6.87
Taiwan Small/Mid-Cap Equity	4.62	2.91	7.05	3.42	N/A	N/A
Greater China Equity	4.15	-0.97	7.70	12.08	10.14	14.01
China Equity	3.21	-3.76	8.00	15.25	17.05	21.34
Hong Kong Equity	2.71	-1.55	8.65	7.60	8.20	13.33
Sector Equity Real Estate Indirect - Asia	2.53	1.84	10.34	3.81	0.47	12.75
Asia-Pacific ex-Japan Equity	2.34	0.84	10.74	5.09	3.41	11.84
Sector Equity Natural Resources	1.85	0.11	4.97	-8.82	1.24	17.69
Data as of 2009-9-7