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More mutual funds sold
(Xinhua)
Updated: 2004-04-05 09:13

Fund management firms have sold more mutual funds in terms of value since the start of the year than in the whole last year, an indication that strong performance of funds last year may have paid off.

They have sold 85.29 billion yuan (US$10.28 billion) from 12 mutual funds so far this year, exceeding the total amount of 67.85 billion yuan from 39 funds that were offered last year.

The 12 funds have each raised 7.11 billion yuan on average, compared with 1.74 billion yuan last year.

Chinese investors have switched to purchasing securities investment funds instead of directly investing in the stock markets this year following the return to profitability of the fund management sector in 2003 after it lost money for two consecutive years.

China's fund management sector, which started in 1999, has more than 160 billion yuan of total assets under management.

"Investors have been impressed with what mutual funds achieved last year - making money from the market," said Sun Chao, an analyst with Citic Securities Co Ltd. "If the fever around the funds continues, China's stock market will benefit as it has more institutional participation."

China's 104 mutual funds generated a combined return of 929 million yuan last year, reversing the loss of 3.64 billion yuan for the year-ago period, as they invested heavily in cyclical stocks, including steelmaking and petrochemical companies, whose profitability follows the economic cycle.

The mainland's two stock markets in Shanghai and Shenzhen rose more than 10 percent last year, boosted by the steelmaking, petrochemical, auto making and power supply sectors, after China's 9.1 percent economic growth fueled their earnings.

The Chinese government has allowed more mutual funds this year as part of its plan to support the development of the industry.

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