Interim Results

Aberdeen Asian Smaller Co's Inv Tst
27 April 2000

     ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
           ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
           for the six months ended 31 January 2000
                               
The confidence I expressed in the last Annual Report in the
recovery of Asia's economy has proved amply justified.  Growth
has come through very strongly and stock markets have
benefited.  The Company's net asset value, on an undiluted
basis, has appreciated by 26.7% to 122.3p during the six month
period to 31 January 2000, substantially outperforming its
peer group.

Despite  this  excellent showing, for much of the  period  the
fund  has  continued  to  trade on  a  wide  discount  to  its
underlying  net  asset value.  In view of  the  importance  we
attach  to  shareholder  value, we have therefore  repurchased
just  under 15% of the issued share capital of the Company  at
an  average  discount  to net asset  value  of  over  20%,  as
approved  at  the Annual General Meeting.  This  has  had  the
effect  of  enhancing  the net asset value  of  the  remaining
shares  by  3.82%.   In line with previous years,  we  do  not
intend to pay an interim dividend.

Asia's economies began to recover strongly in 1999, and we
expect this to continue over the course of 2000.  However,
stock market performance in the region has been anything but
uniform, with marked divergence both between markets and
across sectors.  Investors have particularly come to focus on
the 'new economy', such as internet stocks, to the exclusion
of traditional 'bricks and mortar' businesses.  In this
respect, Asian markets have imitated a similar divorce in US
markets, with the high tech NASDAQ and the Dow Jones moving in
opposite directions.  Yet some local markets have fallen out
of favour for purely domestic reasons.  The continued failure
of the Philippines and Thailand to address fundamental reforms
has exasperated investors and shares consequently have sagged.

Our   Managers,  who  focus  most  of  all  on   value,   have
successfully  capitalised on the two-tier nature  of  markets.
Long before the technology sector became fashionable, they had
invested  in  such  stocks  as  Satyam  Computers,  an  Indian
software  company,  and ERG in Australia, which  develops  and
installs  smartcards  for travel systems.   These  stocks  are
distinguished  for  their  clear earnings  record  and  secure
customer  base  -  in contrast to technology 'concept'  stocks
that   lack   both.   (ERG,  incidentally,  is  working   with
FirstGroup and Stagecoach in the UK and put in the MRT  system
in  Hong  Kong).   Both  stocks  have  seen  tremendous  price
appreciation.

We  have  also  seen two essentially conventional  investments
transformed  by  the collision of the new and  old  economies.
Acme  Landis, a distributor of American Standard sanitaryware,
became  Hambrecht and Quest's Asian technology vehicle,  which
led  to a tenfold jump in its stock price - at which point  we
liquidated  our  holding.  Similarly India's Usha  Beltron,  a
world  leader  in wire ropes and a manufacturer  of  telephone
cables,  saw  its  shares  climb on  talks  over  an  internet
alliance, and we have been steadily selling down our interest.
Meanwhile our long-standing core holding, Giordano, a regional
retailer,  appreciated  on the back of  the  general  economic
recovery and, specifically, on profitable new products.

Looking  ahead, we remain as confident as we were  six  months
ago  of the value offered by Asian smaller companies.  We have
been  taking  profits from some of our winners and reinvesting
in  stocks  on  single digit price/earnings multiples  in  the
'real  economy'.   These  have  been  unjustly  neglected   as
speculative  internet fever grips markets.  We have  added  to
our  holdings  in  La Tondena Distilleries  (the  Philippines'
leading  white  spirits company), Courts (the electricals  and
furniture  retailer in Singapore), and Caltex Lanka  (formerly
called  Lanka  Lubricants), amongst others.   Lately  we  have
initiated  holdings in Cafe, de Coral (a restaurant  chain  in
Hong  Kong),  Lotte  Confectionery in  Korea,  and  Hung  Hing
Printing in Hong Kong.

Due  to  other commitments Mr Wee Sin Too resigned as  a  non-
executive Director at the beginning of the year, I would  like
to  thank  him  for  his contribution to the  success  of  the
Company since its formation.

Nigel Cayzer
Chairman
26 April 2000

The unaudited results were:

Statement of total return (incorporating the revenue account*)
For the six months to 31 January 2000

                                   Six months ended
                                   31 January 2000
                                     (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Gains on investments                -       8,137     8,137
                                                           
Income                            508           -       508
Investment management fee        (156)          -      (156)
Other expenses                   (148)          -      (148)
Exchange gains                      -          11        11
                                 ----       -----     -----
Net return before finance                                  
costs and taxation                204       8,148     8,352
Interest payable and                                       
similar charges                   (54)          -       (54)
                                 ----       -----     -----
Return on ordinary                                         
activities before tax             150       8,148     8,298
Tax on ordinary
activities                        (53)          -       (53)
                                 ----       -----     -----
Transfers to reserves              97       8,148     8,245
                                 ====       =====     =====
Return per Ordinary share                                  
(pence):                                                   
Basic                            0.28       23.33     23.61
                                 ====       =====     =====

                                   Six months ended
                                   31 January 1999
                                     (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Gains on investments                -       3,344     3,344
                                                           
Income                            391           -       391
Investment management fee        (169)          -      (169)
Other expenses                   (127)          -      (127)
Exchange losses                     -         (55)      (55)
                                 ----       -----     -----
Net return before finance                                  
costs and taxation                 95       3,289     3,384
Interest payable and                                       
similar charges                   (13)          -       (13)
                                 ----       -----     -----
Return on ordinary                                         
activities before tax              82       3,289     3,371
Tax on ordinary
activities                        (66)          -       (66)
                                 ----       -----     -----
Transfers to reserves              16       3,289     3,305
                                 ====       =====     =====
Return per Ordinary share                                  
(pence):                                                   
Basic                            0.05        9.40      9.45
                                 ====       =====     =====

* The Statements of total return presented above are in
accordance with the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies

Balance Sheet of the Company as at 31 January 2000

                                    31          31        31
                               January     January      July
                                  2000        1999      1999
                            (unaudited) (unaudited) (audited)
                                 £'000       £'000     £'000
                                                         
Fixed assets                                        
Investments                     42,294      21,810    33,646
                                ------      ------    ------
Current assets                                      
Debtors                            178       1,275       482
Cash at bank and in hand         1,298         508     1,643
                                ------      ------    ------
                                 1,476       1,783     2,125
Creditors: amounts falling                          
due within one year             (5,235)       (668)   (1,966)
                                ------      ------    ------
Net current                     
(liabilities)/assets            (3,759)      1,115       159
                                ------      ------    ------
Total assets less current                           
liabilities                     38,535      22,925    33,805
Provision for liabilities                           
and charges                         (9)          -       (23)
                                ------      ------    ------
Net assets                      38,526      22,925    33,782
                                ======      ======    ======
Capital and reserves                                
Called-up share capital          7,875       8,750     8,750
Capital redemption reserve         875           -         -
Share premium account                -      22,941    22,941
Special reserve                 19,593           -         -
Other reserves                                      
 Warrant reserve                 2,275       2,275     2,275
 Capital reserve - realised     (3,751)     (1,015)   (3,513)
 Capital reserve - unrealised   11,323     (10,280)    3,090
Revenue reserve                    336         254       239
                                ------      ------    ------
Total equity shareholders'      
funds                           38,526      22,925    33,782
                                ======      ======    ======
Net asset value per Ordinary                        
share (pence)
Basic                           122.30       65.50     96.52
                                ======      ======    ======
Diluted                         118.25         n/a       n/a
                                ======      ======    ======

1  In  accordance with stated policy no interim  dividend  has
   been declared for the period (1999: nil).
   
2  The breakdown of income for the periods to 31 January 2000
   and 1999 was as follows:
                                            31 Jan     31 Jan
                                              2000       1999
                                             £'000      £'000
   Income from investments                                   
   Unfranked investment income                 471        374
   Other Income                                              
   Deposit interest                             37         17
                                               ---        ---
   Total Income                                508        391
                                               ===        ===

   The  Statement of Total Return has been shown in accordance
   with  the  recently published Financial Reporting  Standard
   16  'Current Tax', which disregards tax credits to  franked
   income.   As no franked income was generated by the Company
   in either period no restatement was required.
   
3  The  basic  revenue return per Ordinary share is  based  on
   net  revenue  on  ordinary  activities  after  taxation  of
   £97,000  (1999: £16,000) and on 34,924,513 Ordinary  shares
   of  25p  each  in  (1999: 35,000,137)  being  the  weighted
   average number of Ordinary shares in issue for the period.
   
4  The  basic  capital return per Ordinary share is  based  on
   net  capital gains of £8,148,000 (1999: £3,289,000) and  on
   34,924,513  Ordinary shares of 25p each (1999:  35,000,137)
   being  the  weighted average number of Ordinary  shares  in
   issue for the period.
   
5  The  fully diluted returns per Ordinary share have not been
   shown as they are in excess of basic earnings per share.
   
6  The  fully  diluted net asset value per period is  118.25p.
   This  has  been  calculated  on  the  assumption  that  the
   Warrants in issue, being 6,999,400, were converted  on  the
   first  day of the financial period at 100p per share giving
   a weighted  average of 38,500,000 shares.
   
   There  is no fully diluted net asset value shown as  at  31
   January  1999  and  31  July 1999  as  the  exercise  price
   exceeded  the  basic net asset value.  There is  no  fully-
   diluted  net  asset value calculation shown for  either  of
   the  periods  using  the FRS14 method, which  requires  the
   number  of shares in issue being adjusted by the number  of
   shares  effectively issued for no consideration on exercise
   of  the Warrants.  This is due to the exercise price of the
   Warrants  exceeding  the share price at  each  period  end,
   which  has the effect of making the fully-diluted net asset
   calculation exceed the basic net asset calculation.
   
7  As  at  31  January  1999  and  31  July  1999  there  were
   35,000,600  Ordinary  shares  of  25p  each  and  6,999,400
   Warrants  in  issue;  as  at 31  January  2000  there  were
   31,500,600  Ordinary  shares  and  6,999,400  Warrants   in
   issue.
   
8  On  21 October 1999, shareholders approved the reduction of
   the  share premium account to create a new special reserve,
   to  be used by the Company to buy back up to 14.99% of  the
   Company's  shares. This proposal received the  sanction  of
   the  Court on 24 November 1999. The Company bought back for
   cancellation 3,500,000 Ordinary shares at 95p per share  on
   27 January 2000.
   
9  The  financial  information for the  six  months  ended  31
   January  2000  and 31 January 1999 comprises  non-statutory
   accounts  within  the  meaning  of  Section  240   of   the
   Companies Act 1985. The financial information for the  year
   ended  31  July  1999  has  been  abridged  from  published
   accounts  that  have  been delivered to  the  Registrar  of
   Companies  and  on  which the report of  the  auditors  was
   unqualified.
   
10 Copies   of   the  Interim  Report  will   be   posted   to
   shareholders  and further copies may be obtained  from  the
   Registered  Office, One Bow Churchyard,  Cheapside,  London
   EC4M 9HH.

26 April 2000                                Aberdeen Asset
                                             Management
                                             PLC - Secretaries

Independent Review Report by Ernst & Young to Aberdeen Asian
Smaller Companies Investment Trust PLC

Introduction

We have been instructed by the Company to review the financial
information  set  out  above  and  we  have  read  the   other
information  contained  in the Interim Report  and  considered
whether  it  contains any apparent misstatements  or  material
inconsistencies with the financial information.

Directors' Responsibilities

The Interim Report, including the financial information
contained therein, is the responsibility of, and has been
approved by the Directors.  The Listing Rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be
consistent with those applied in preparing the preceding
annual accounts except where any changes, and the reasons for
them, are disclosed.

Review Work Performed

We conducted our review in accordance with guidance contained
in Bulletin 1999/4 issued by the Auditing Practices Board.  A
review consists principally of making enquiries of management
and applying analytical procedures to the financial
information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed.  A
review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a
lower level of assurance than an audit.  Accordingly we do not
express an audit opinion on the financial information.

Review Conclusion

On the basis of our review we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 31 January 2000.

Ernst & Young
Registered Auditor
London
26 April 2000