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BCT MPF June fund switching hits the second-highest level in the first half of the year; members exit defensive assets to chase a rebound

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IPP Financial Advisers Limited Director Peng Yongdong pointed out that BCT data shows the number of BCT MPF members who switched funds in June was the second highest in the first half of the year and the highest in the second quarter, reflecting that members remain quite active. Equity fund categories recorded the highest net inflow of the year in June, mainly concentrated in the latter half of the month, with funds mostly moving from conservative fund categories to US equity fund categories and Hong Kong equity fund categories. Asian equity fund categories, however, did not see much inflow and recorded significant net outflows in the last two trading days of June, suggesting that some BCT MPF members locked in profits as Asian markets rallied. BCT Head of Retirement Business Wang Yulin noted that the stock market shifted from net outflows in January to net inflows in June, a difference of approximately 400 million yuan, with net inflows increasing month by month from April to June, led by US and Hong Kong stocks. Conservative fund categories have seen net outflows for three consecutive months, indicating that members' confidence is gradually recovering, as they move away from defensive assets and chase new economy and local rebound opportunities. (gc/) Related Content: US June non-farm payrolls were 57k, lower than the previous month's 129k. The forecast was 110k.
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