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The growing volatility of China's stock market prompted investors to seek professional help yesterday as 25 billion yuan was dumped into units of two new mutual funds.

They are the first two funds offered for sale to the public since a one-month government-imposed moratorium was lifted.

Meanwhile, the Shanghai Composite Index rose 2.11 percent to close at 3995.68 yesterday, while the Shenzhen Composite climbed 2.45 percent to close at 1,173.26.

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These two funds, separately managed by Shanghai-based SGAM Fund Management Co Ltd and Guangzhou-based GF Fund Management Co Ltd, each reached the highest projected highest sales of 15 billion yuan and 10 billion yuan, respectively.

"Many investors began to take money out of the stock market to invest in funds out of the belief that professionally managed mutual funds can bring a more stable return," said Zheng Shizhou, a customer relations manager at China Construction Bank's Shanghai branch.

Fu Qi, who was waiting in the hall of China Construction Bank for fund subscription in the morning, said he sold all his shares and invested the money in mutual funds because he believed that the wider spread of the funds could better weather market volatility.

"I believe the professionalism of fund managers, and their widely spread investment portfolios, can help balance the risks posed by wide price swings of some shares," he added.

Analysts said interest in fund investments grew after the rise of the stamp tax, which increased the cost of trading stock and transferred the market focus to large-cap stocks by curbing speculation.

"The investment portfolios of mutual funds are mainly composed of large-cap stocks, which are less risky to invest than other stocks now," said Liao Bojun, an analyst at Changjiang Securities.

"Besides, funds are more stable than stocks, and investors can have a long-term investment," he added.

Another two mutual funds will be issued today and next Monday. The fund issuing limits have increased from the record 10 billion to 15 billion. These four mutual funds, with two equity funds and two mixed-asset funds, are expected to raise over 45 billion yuan.

According to latest statistics from Lipper, all fund classifications showed increased profits in May. Equity funds and mixed-asset aggressive funds led the increase, with gains of 10.64 percent and 10.58 percent. Mixed-asset balanced funds followed, rising 10.23 percent, while mixed-asset balanced funds climbed 10.22 percent.

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