Fall in Australian share prices seen

Press, 30 August 1980, Page 19

Fall in Australian share prices seen

PA Sydney A leading Australian institution has forecast that share prices in Australia might generally fall in the near future. The Colonial Mutual Life Assurance Society’s superannuation fund report for the June quarter states that share prices in Australia, “particularly those in the market categories which have attracted significant international investment, have now reached levels which are unlikely to prove fully sustainable over the next few months.” The predication comes at a time when the share market has hit record levels particularly in energy and resource stocks. But like the huge A.M.P

Society’s No. 2 Fund, Colo-1 nial Mutual’s superannuation; fund was a net seller of; shares during the three months to June 30. The sales included 150,000 ; shares in Western Mining j Corporation. The company’s |cash. balance and out-j | standing investment income - for the quarter stood at S4M compared with $693,157 in the March quarter, i Colonial Mutual’s annual report gives the following irationalisation for the share; ! sales. ' “Share prices in'this coun-j try, particularly those in the' ! market categories which' I have attracted significant, -international investment,,! ' have now reached levels [which are unlikely to provefully sustainable over the Inext few months.