Tidbits Of Useful Info
a) Turnover rose past 300bn yuan (US$39bn / RM132bn) for the first time ever in a day on Tuesday. I can see the remisiers and dealers gasping at the value in ringgit! For KLSE RM3bn a day, we are already shouting that the market is over-heated.
b) Total number of new share account (A-share) opened in April 2007 alone was 3.31m. Total number of new accounts opened in 2006 was 3.084m.
c) Year-to-date, the combined markets of Shanghai and Shenzen have risen 71% as of yesterday.
d) Crazed retail activity not limited to mainland Chinese investors but international investors as well. There is a a near stampede by approved foreign mutual funds to launch new China Funds to cater to the insatiable demand from international investors who do not wished to miss the boat. AIG-Huatai has a 10bn yuan (US$1.3bn) new China equity fund. Guotai Asset Mgmt also has a new similar sized fund. China Asset Mgmt and Bosera Asset Mgmt have also launched / about to launch similar sized funds.
Its like spotting a hole in the Titanic while 99% are still partying in the upper decks.