The Stock Exchange's latest Members Transaction Survey shows that the contribution of local individual trading increased slightly from 41 per cent in 1998 to 45 per cent in 1999 and remained the largest component of total market turnover.

The survey covered the period from October 1998 to September 1999 and received an excellent response rate of 98.7 per cent from the Members surveyed.

The contribution of local, both individual and institutions, remained unchanged at 63 per cent. The contribution of overseas investors, mostly institutions, was also unchanged at 31 per cent.

Overseas participation originated mainly from the United Kingdom (36 per cent) and the United States (26 per cent) and as in previous years, were the two largest sources of overseas investment. Investors in Asia were also significant contributors, with their total contribution increasing from 18 per cent in 1998 to 23 per cent in 1999.

Matthew Harrison, Executive Director of the Exchange's Research and Planning Division, said the distribution of trading by type of trade showed no significant change from 1998.

"Although retail participation is more sensitive to changes in market sentiment than institutional participation, it has been the major contributor to market turnover over the past nine years. Local individuals contributed 43 per cent of the 9-year cumulative market turnover. Overseas institutional investors' participation has been relatively stable, contributing 26 per cent of the cumulative turnover." Mr Harrison said.

The Exchange conducts its Members Transaction Survey annually. The 1999 survey sample comprised 471 Members representing all Exchange trading Members.

Copies of the Members Transaction Survey 1999 will be distributed to the media and will be available on the Exchange's website.

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