SECURITIES investment is only just beginning to take on in Beihai which had no formal share investment outlets until last September. Now there are three state-owned brokerages - operated by the People's Bank of China, the Construction Bank and China International Trust and Investment Corp - which deal with listed stocks in either Shenzhen and Shanghai. There is also a brokerage for the trading of unlisted shares. During their three months of operation, the brokerages posted total transactions of 180 million yuan. People's Bank of China Beihai branch deputy director Rong Minggao expected the combined turnover this year to be 400 million yuan. The city has 59 shareholding companies, but none of them is listed. ''We are fighting for the listing of two of these companies on the mainland's exchanges this year,'' said Vice-Major Jiang Tianchen. Lu Tongcheng, general manager of the Beihai sales outlet of Guangxi Securities Co, a subsidiary of the People's Bank of China, said there were less than 2,000 stocks investors in Beihai. ''Most investors are people from outside the city who have business in Beihai. Others are local companies which have made some money out of operations such as real estate investment,'' said Mr Lu. However, Beihai citizens have shown little zeal in securities investment. Walking out of a securities company, stock investors expressed disappointment in the country's market performances. One investor said he has lost about 60,000 yuan since investing last October. He began investing in stocks because his real estate agent operation was quiet with no business under the austerity plan. ''Everybody is losing money,'' he said. ''Most people are not confident of the country's stock markets. They have been so low.'' ''It is an indication of the country's economy which is not very good at the moment. Most people are not optimistic. I don't think the stock markets are going to have a good time this year.'' Another investor said: ''Too many shares are being issued. The market cannot absorb them all.'' ''Companies issue rights shares or make placements, diluting the value of shares. But they don't pay much dividend,'' he said. There are four securities companies dealing with bonds in the city. Mr Rong expected more bonds would be issued by Beihai's enterprises as their technological reformed called for more funds. He said the city's securities sector was not active, partly because Beihai people's economic foundation was not good. ''Also, they do not understand the concepts of securities. Not many kinds of securities are available for choice and there aren't enough securities companies to provide adequate service,'' he said. Beihai plans to add one or two securities companies and to introduce new varieties to the products such as real estate development funds this year, subject to central Government approval. It also intends to introduce more supporting services in the industry, and promote the concept of securities investment. Before the establishment of the Beihai securities companies, Beihai citizens tended to go to Nanning's brokerages to invest. The city has no futures brokerage yet, although one owned by the state is expected to open in the second half of this year.