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Investors rally to bullish market

By Wang Bo (China Daily)
Updated: 2009-08-03 07:55

Momentum

Fund investments are gaining momentum, too.

The ChinaAMC 300 Index Fund, the nation's ninth fund this year to base itself on the Shanghai and Shenzhen stock exchange's 300 Index, won a fast response from investors when it debuted on July 7. About 25 billion yuan was raised in less than one week.

"Investors' enthusiasm for funds has risen pretty high, and it appears that the dizzying scene in the bull market two years ago has come back," said Ding Xutao, a wealth planner at the Industrial and Commercial Bank of China.

Liu Jianxin, a fund investor who spent 20 percent of his investment capital to buy the ChinaAMC fund, said he expects the benchmark index that reached 3,000 in July to reach 4,000 points later this year.

Not every investor was as upbeat as Liu.

According to a survey conducted by sina.com, a major website in China, 64 percent of those polled thought the Shanghai benchmark index would linger between 3,000 and 4,000 points this year, while only 6 percent believed it could rise to above 4,000 points.

Cautionary notes

About 66 percent of the respondents adopted a wait-and-see attitude, replying that they will maintain current stock holdings and watch overall stock movements this year.

The survey also showed that individual investors were not satisfied with the return they reaped from the recent market rally.

About 70 percent of the respondents failed to outperform the overall stock market performance, they said.

If the last market crash is a cautionary tale, that's because more investors are staying sober in the face of this summer's numbers.

"I won't make any aggressive bets now because the market is filled with uncertainties," Wei Xing, a veteran individual stock investor, said.

Wei has posted gains of more than 70 percent since the market recovered late last year, he said.

"I'd prefer to defend my current returns by gradually reducing holdings, even though retreat is a hard decision to make in this soaring market," Wei said.

Teng Yuanyan, a wealth planner at Shanghai Pudong Development Bank, warned that investors should be more vigilant in buying new funds, especially when market sentiment is so bullish.

"With the benchmark index crossing 3,000 points, the market is facing huge pressure for major adjustments," she said.

(For more biz stories, please visit Industries)

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