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MONEY SMALL INVESTOR INDEX: SMALL INVESTORS FLEE ENERGY STOCKS

 /ADVANCE/ NEW YORK, July 25 /PRNewswire/ -- As the price of crude oil has slipped from $20.48 a barrel to $17.50 recently, small investors have yanked barrels of cash out of energy stocks and related mutual funds, according to Money magazine's Small Investor Index.
 Oil prices have fallen chiefly because of concerns that the United Nations may let Iraq sell as much as $1.6 billion of oil over a six- month period to raise cash for food, medicine and war reparations to Kuwait. In addition, Kuwait plans to boost its production by as much as 400,000 barrels a day by December. Fearing an oil glut, the Organization of Petroleum Exporting Countries has scheduled an emergency meeting for later this week to try to stabilize prices.
 Small investors are not convinced this is possible, however, and have withdrawn a net $61.8 million from energy mutual funds so far this month, according to AMG Data Services of Arcata, Calif. By contrast, in June investors added a net $54.6 million to the funds. Most of the money has come out of Fidelity's Select Energy Fund -- the category's largest member, with total assets of $109.4 million. The fund, which gained $46 million in new cash in June, has suffered a $42.1 million outflow since July 1.
 Oil stock analysts advise investors who already own energy stocks to hold on -- but not to buy more shares until oil prices fall below $17 a barrel. "Most of the decline in oil prices has already taken place," says analyst Paul Ting at Oppenheimer & Co. in New York City. "Over the next two years, oil will be a good investment."
 Last week, the Money Small Investor Index, which tracks the typical individual's holdings, fell $295 to $46,573. Stocks lost $198, while bonds slipped $97. Certificates of deposit and money-market funds contributed $10, while gold dropped $7.
 This Last Year % Change from a
 Week Week Ago Week Ago Year Ago
 103.83 104.49 95.88 -0.63% +8.29%
 Latest Changes for Each Asset
 % Change from a
 Category Index Week Ago Year Ago
 Stocks:
 NYSE 103.57 - 1.03% +11.04%
 ASE/OTC 102.74 - 1.86 +23.05
 Equity funds 104.46 - 1.00 +12.90
 Bonds:
 Taxable bonds 106.77 - 0.54 +9.37
 Municipals 106.12 - 1.66 +7.81
 Bond funds 106.65 - 0.45 +8.50
 Cash:
 CDs 101.98 +0.07 +3.66
 Money funds 101.39 +0.05 +2.62
 Other:
 Real estate 98.63 - 0.46 - 2.93
 Gold 153.22 - 2.30 +30.74
 Jan. 1, 1993 equals 100
 Where Average Small Investors Have Their Money Now
 Current Year Ago Current Year Ago
 NYSE 21.36% 21.54% Bond funds 7.32% 6.34%
 ASE/OTC 6.74 6.80 CDs 13.44 16.12
 Equity funds 7.69 5.93 Money funds 24.81 24.29
 Taxable bonds 9.78 9.85 Real estate 0.87 0.80
 Municipals 7.31 7.77 Gold 0.68 0.55
 Sources: Bank Rate Monitor, the Federal Reserve, Investment Company Institute, Lehman Bros., Lipper Analytical Services, Merrill Lynch, Money Fund Report, Morgan Stanley Capital International, National Association of Real Estate Investment Trusts, Prudential Asset Management, Standard & Poor's, Robert Stanger & Co., World Gold Council.
 -0- 7/26/93
 /NOTE TO EDITORS: This material is also available in printable form from AP GraphicsNet and Access services for graphics and tables (under the file name MoneyIndex) and from PR Newswire for full text./
 /CONTACT: Jordan Goodman of MONEY, 212-522-3618, or Patti Straus of MONEY Public Relations, 212-522-2695/


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Date:Jul 23, 1993
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