PT. Schroder Investment Management Indonesia, the nation's biggest mutual fund manager, said asset growth may slow to 20% this year as a "difficult" stock market curbs gains in share prices and sales.
Growth may decline from 50% last year, Michael Tjoajadi, deputy chief executive at Schroder, said in an interview in Jakarta on Friday. Mutual fund product sales may contribute about 10% of this year's growth, and asset value gains may account for the rest, Tjoajadi said.
The Jakarta Composite Index fell 0,7% in the first quarter, the first drop since the three months ended December 2008, amid concern rising oil prices will prompt the government to cut fuel subsidies, adding to inflation. Shares on the index are valued at an average 14.8 times estimated earnings, down from last year's high of 18.49 on Dec. 9, according to data compiled by Bloomberg.
"It's a difficult market amid uncertainty over the oil price and its impact on the global economy," Tjoajadi said. "People get in and out of mutual funds because they try to beat the timing of a market recovery when they should just stay on."
The Jakarta Post
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