Over 85 percent of medium-size and small stock investors in China have incurred losses in the first half of the year, with their loss rates ranging between 30 to 50 percent, the China Securities Journal reported Monday.

Citing a survey on 2,792 investors in 20 major cities by the Huading Market Survey Corporation of Shenzhen, the newspaper said that only four percent of medium-size and small stock investors have made money so far, with the remaining 11 percent barely keeping their books even.

A lion's share of the polled said that their attitude and confidence would be mainly influenced by the country's ongoing split-stock reforms with some pilot companies, said the article.

Other factors that may exert impact on the stock market are listed as people's expectation for the health of macroeconomy, corporate governance of listed companies and the development of interest rates reform.

Meanwhile, the survey found 33 percent of respondents having projected price hikes for the Chinese stock market over the latter half of the year, with 19 percent betting on "a readjustment", 21 percent on "a downward trend" and 27 percent "having no ideas".

Compared with last year, most stock investors have lower expectations on the stock market this year and seem more practical than ever, said the article.

The survey also reveals an approximately 45 percent of investors have expressed their readiness to add or cut investment in line with the market fluctuations in the next six months.

The proportions of those who will not make more investment or are preparing to retreat stand around 26 percent separately. In contrast, only a tiny three percent said they would inject more funds to the stock market.

(Xinhua News Agency July 5, 2005)