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Fewer fund accounts opened amid sluggish market

(Xinhua)
Updated: 2008-06-10 11:10

Only 106,800 fund investment accounts were opened last month in China, the lowest level in the past two years.

Because of the sluggish stock market, the number of new fund accounts fell drastically from January's 815,000, according to figures released by the China Securities Depository and Clearing Corporation Ltd.

The benchmark Shanghai index lost about 2,000 points from above 5,200 points in January.

A total of 34 new mutual funds were approved this year, of which 13 raised less than one billion yuan ($143 million) each in initial placement.

The latest figure showed the fund index on the two bourses slumped for four consecutive weeks.