Equity funds enjoy biggest weekly inflows since March 2018 - BofA

A whopping $58.9bln left cash funds and gold saw its first first outflow in four months of $400mln

  
A sign for a Bank of America office is pictured in Burbank, California August 19, 2011.

A sign for a Bank of America office is pictured in Burbank, California August 19, 2011.

REUTERS/Fred Prouser

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) ((thyagaraju.adinarayan@tr.com; +44 20 7542 7015; Reuters Messaging: thyagaraju.adinarayan.thomsonreuters.com@reuters.net; Twitter @thyagu))

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