LONDON - Equity funds sucked in more than $26 billion in the week to Sept. 16, BofA research showed, as investors chased U.S. stocks after a sharp selloff earlier in the month led by technology stocks.
In a "frenzy into U.S. stocks", investors pumped nearly $24 billion into equities in the world's top economy, the largest such inflows since March 2018, said BofA. The inflows come after 10% pullback in Nasdaq 100 in early September.
"Massive weekly rotation to stocks from cash," said BofA analysts, citing data from financial flow tracking firm EPFR.
A whopping $58.9 billion left cash funds and gold saw its first first outflow in four months of $400 million.
Meanwhile, emerging market equity funds saw $2.5 billion outflows but developing debt funds enjoyed an eleventh straight week of inflows.
(Reporting by Thyagaraju Adinarayan, editing by Karin Strohecker) ((email@example.com; +44 20 7542 7015; Reuters Messaging: firstname.lastname@example.org; Twitter @thyagu))