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Enthusiasm for funds may wane

By Jin Jing (China Daily)
Updated: 2007-02-28 10:06

Investor enthusiasm for funds may wane as a result of yesterday's stock market plunge, according to analysts.

Thousands of investors snapped up Beijing-based CCB Principal Asset Management's 10 billion yuan fund issue during its market debut on Monday in Beijing, Shanghai and other major Chinese cities.

It was the first fund offered for sale to the public after a two-month government-imposed freeze was lifted.

"The stock market plunge will trigger selling (of the fund) in fear of a continuing market slump," said Zhou Liang, China research manager of Lipper, a Reuters company.

The benchmark Shanghai Composite Index dropped 8.8 percent to close at 2771.8, its biggest fall, after breaking the 3,000-point barrier for the first time to close at 3,041 on Monday.

"Fund investors intended to sell the funds when the Shanghai Stock Exchange soared higher," said Zhou.

Another four approved funds are expected to be issued in March this year. Huafu Fund Management Co Ltd's new approved fund is expected to be issued on March 12, according to a company official.

"Enthusiasm for buying the next round of fund issues is sure to be weakened because of lower confidence in the stock market," said Zhou.

The Shanghai Stock Exchange Fund Index fell 8.9 percent to close at 2,250 yesterday, slightly more than the percentage loss of the Shanghai Composite Index.