Financial Daily from THE HINDU group of publications
Tuesday, May 18, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 18, 2004 |
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Markets
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Mutual Funds Fund houses buy at lower levels Our Bureau
Kolkata , May 17 FUND managers took the brunt of the plunging market even as some value-driven buying were reported at lower levels. Most fund houses, though faced with the prospects of further erosion in net asset values, urged investors not to critically change their asset allocations right at this juncture. Equity funds fell across the board in line with the sharp decline in prices, a trend that some sections felt can provide fresh buying opportunities in the near future. Mr Sanjay Prakash, CEO, HSBC MF, mentioned his schemes have been buying selectively since Friday. "This was indeed mayhem but we had tried to anticipate the situation by maintaining a more than usual cash position," he said, adding that HSBC Opportunities Fund in particular has sought to identify the right bargains. Other fund managers refer to the relatively attractive P/E multiples that have again come to the fore. Mr K.K. Mittal, CIO, Escorts MF, said the focus for his funds will be areas such as cement, auto and pharma. "We would be cautious when it comes to PSUs and oil & gas," he said. There has to be some clarity on the political front before a clear direction can be found, he noted.
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