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Posted by Monitor on July 1, 2009, 9:20 pm
July 2, 2009
Rich investors still cautious
By Gabriel Chen - straitstimes
HIGH net worth individuals are sitting on the fence because they are
afraid of major price corrections, according to a new survey by
Barclays Wealth and the Economist Intelligence Unit.
The report - based on a world poll of 2,100 high net worth
individuals, more than 100 of whom are from Singapore - found the
majority thought there were buying opportunities, but believed the
risk of price falls was too high to take advantage of them.
Compiled between March and May, the data showed that 59 per cent of
investors held this view in Singapore, compared with an Asia-Pacific
average of 66 per cent.
Around the world, investors have questioned whether the recent 12-week
rally is a prelude to the next bull market. Many have stayed out of
the stock market, fearing that the speed and severity of the downturn
may lead to further market plunges.
This, despite global stock indices surging since the lows of March 9.
The MSCI index of Asia-Pacific stocks outside Japan has jumped more
than 50 per cent from the March trough to late last month.
'For the average investor, they missed out on the early boom because
they were too nervous,' said Barclays Wealth head of behavioural
finance Greg Davis.
Private bankers agreed that the mood among wealthy investors in
Singapore was still generally cautious.
'They are hesitant to jump feet first back into the market for fear of
a pullback from the recent market rally - particularly so for those
who missed the rally over the last few months,' said Mr Raj Sriram,
RBS Coutts' head of private banking in Singapore.
Mr Rajesh Malkani, Standard Chartered Private Bank's head of South-
east Asia, said that it is stepping up its communication with clients,
keeping them informed of market conditions and reviewing their
portfolios regularly.
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