Interim Results - 6 Months to 31 October 1999

INVESCO Asia Trust PLC
14 December 1999

                               
                UNAUDITED 1999 INTERIM RESULTS

CHAIRMAN'S STATEMENT

I  am  pleased to report further growth in the Company's asset
value  during  the  interim period to 31  October  1999.   The
undiluted  net  asset value per Ordinary Share increased  from
72.8p  at 30 April 1999 to 79.9p, an improvement of 9.8% which
compares  favourably with our benchmark,  the  Morgan  Stanley
Capital  International (All Country) Far East  ex  Japan  Free
Index  -  adjusted  for sterling, where a  rise  of  2.8%  was
recorded.

Our Indian, Korean and Malaysian holdings, which accounted for
27%  of total assets, made a particularly good contribution  to
performance.  Improving economic conditions in a number of the
countries  in  which the Company invests have encouraged  both
local  sentiment  and overseas interest in   those  countries'
markets.    Current  indications  are  that   the   trend   is
continuing.   Recent  corporate  results  announcements   have
exceeded  market expectations in many cases, and  the  outlook
across  the  region is a good deal more positive than  when  I
wrote to shareholders at this time last year.

During  the  course  of  the period under  review,  and  as  a
reflection  of our confidence in the strength of the  recovery
in  Asian  markets,  we have reintroduced a  modest  level  of
gearing.   A  multi-currency loan facility of £10 million  has
been  arranged  and, at the date of this report, approximately
£3.9  million has been drawn down and invested.  This, coupled
with  the  fact  that  the  Company has  been  fully  invested
throughout the period, has resulted in lower net earnings than
in  the  comparable period of last year.  As in the  past,  no
dividend has been declared at the interim stage.

Shareholders  approved the Board's request for  authority  for
the  Company  to  purchase its own shares in  the  market  for
cancellation  at  the Extraordinary General  Meeting  held  in
July.   The  proposals were approved by the Court in September
and  the Board now has the necessary powers to act as and when
it  appears  desirable  and in shareholders'  interests.   The
discount  to  net asset value at which the Company's  Ordinary
Shares currently trade is marginally above the average for the
Far  East, excluding Japan, sector.  The Managers and Company's
stockbroker  monitor  discount levels  and  movements  in  the
Company's   share  price  to  determine  if  and  when   share
repurchases  might be appropriate.  The authority  granted  to
the Board has not so far been utilised.

Over  the  twelve months to 31 October 1999 there has  been  a
substantial  increase in the value of the Company's  holdings,
and  the  better  outlook for the economies  of  most  of  the
countries  of  the  region holds out the prospect  of  further
improvement.  As always, good stock selection will be the  key
to performance.

Unaudited  figures for the six months to 31 October  1999  are
shown  below, together with the corresponding figures  for  the
six months to 31 October 1998.

Statement of Total Return
(Incorporating the Revenue Account)

                       Six months to 31 October
                      1999                      1998       
                    Unaudited                 Unaudited
                          
            Revenue  Capital    Total  Revenue Capital   Total
              £'000    £'000    £'000    £'000   £'000   £'000
Gains/(losses)                                                   
on                                                        
Investments       -    2,466    2,466        - (13,141)  (13,141)
- realised        -    5,361    5,361        -   1,859     1,859
- unrealised
                                                              
Exchange          -     (144)    (144)       -    (108)     (108)
losses
                                                              
Unfranked                                                     
investment                                                    
income-
dividends      893        -       893      864       -       864
                                                              
Unfranked                                                     
investment                                                    
income-
interest         6        -         6      456       -       456
                                                              
Deposit
interest        68        -        68      205       -       205
                                                              
Investment                                                    
management
fee            (81)    (244)     (325)     (53)   (159)     (212)
                                                              
Other
expenses      (226)      (4)     (230)    (136)    (20)     (156)

            -------  -------   -------  -------  -------    ------
                                                               
Net return                                                   
before                                                        
finance
costs &
taxation       660     7,435     8,095   1,336 (11,569)  (10,233)
                                                              
Interest
payable        (19)      (55)      (74)      -       -        -

            -------  -------   -------  -------  -------  -------
                                                              
Return on                                                     
ordinary                                                      
activities
before tax     641     7,380     8,021   1,336 (11,569)  (10,233)
                                                              
Tax on                                                   
ordinary
activities    (221)       90      (131)   (458)     49      (409)
            -------  -------    -------  ------- -------  ------
  
                                                              
Return on                                                     
ordinary                                                      
activities                                                    
after   tax                                                   
for the                                                       
financial                                                     
period
(attributable
to equity
share-
holders)       420     7,470     7,890     878 (11,520)  (10,642)
                                                              
Return per                                                    
ordinary                                                      
share:
Basic         0.37p     6.64p     7.01p   0.78p (10.24)p  (9.46)p


Balance sheet at 31 October 1999

                                            31.10.99   30.4.99
                                          (Unaudited)  (Audited)

                                               £'000     £'000
                                                    
Fixed Assets Investments                      89,815    79,540
                                                              
Current Assets                                                
     Amounts due from brokers                  4,639       154
     Tax recoverable                             350       967
     Prepayments and accrued income              163       133
     Cash at bank                              2,586     2,917
                                           ---------  --------
 
                                               7,738     4,171
                                           ---------  --------
                                                               
Creditors: amounts falling due within one                     
year                                           3,713       113
     Amounts due to brokers                       88       385
     Tax payable                               3,855         -
     Term Loan                                     -     1,057
     Proposed dividend                            96       245
     Accruals and deferred income
                                           ---------  --------
                                               7,752     1,800
                                           ---------  --------
Net current (liabilities)/assets                (14)     2,371
                                           ---------  --------
Total assets less current liabilities         89,801    81,911
                                           ---------  --------
 
                                                              
Capital and reserves:                                         
Called-up share capital                       11,246    11,246
Share premium account - (note 3)              73,587   103,587
Special reserve                               30,000         -
Capital reserve - realised                  (43,318)  (45,427)
Capital reserve - unrealised                  17,055    11,694
Revenue reserve                                1,231       811
                                           ---------  --------
                                              89,801    81,911
                                           =========  ========
Net asset value per share (note 1)                            
     Basic                                     79.9p     72.8p



Notes:

1.   The  undiluted net asset value per ordinary share of  10p
     has been calculated on net assets of £89,801,000 (30 April
     1999: £81,911,000) and 112,461,992 shares in issue during the
     period (30 April 1999: 112,461,992).

2.   Amounts  of £244,000 (1998: £159,000) and £55,000  (1998:
     £Nil), less tax relief of £73,000 (1998: £49,000) and £17,000
     (1998: £Nil) respectively, have been charged to capital in
     respect of management fees and interest payable in accordance
     with accounting policy.

3.   The reduction of £30 million in the Share Premium Account
     and the creation of a new Special Reserve in the same amount
     follow the approval by Shareholders, at the Extraordinary
     General Meeting held on 21 July 1999, of the Board's proposals
     in connection, inter alia, with the possible purchase by the
     Company of its own shares.

4.   It  is  the  intention of the Directors  to  conduct  the
     affairs of the Company so that it satisfies the conditions for
     approval as an investment trust company set out in section 842
     of the Income and Corporation Taxes Act 1988.

5.   The foregoing information at 30 April 1999 is an abridged
     version  of  the Company's full accounts which  carry  an
     unqualified Auditor's Report and which have been filed with
     the Registrar of Companies.

6.   The   Manager   uses   software  and   related   computer
     technologies essential to its operations that may be affected
     by the year 2000 issue.  To ensure that all systems are ready
     to  trade up to and beyond the millennium the Manager has
     formed a project team led by an experienced full time project
     director to assess its vulnerability.  The team has  been
     working for some time to prepare systems for the transition to
     the year 2000 and testing of all business critical systems has
     been completed.  In addition, contingency plans have been
     established to maintain essential operations in the unlikely
     event that there are interruptions to critical services.

     The  costs  of the Manager's year 2000 project are being
     borne  by  the  Manager.  While the  Board  believes  the
     Manager will achieve an acceptable state of readiness, it
     is  not possible, given the complexity of the problem and
     dependence on third party suppliers, for any organisation
     to guarantee year 2000 compliance.