Press Trust of India / New Delhi March 10, 2009, 19:43 IST
Global investors pulled out a record over $1 billion from Asia equity funds including India in the first week of March with China-focused funds accounting for nearly one-third of the money flowing out of the region, according to a latest report.
Asia (excluding-Japan) equity funds saw the biggest outflows in dollar terms of $1.09 billion -- the highest in 20-weeks or in five months, according to data complied by international fund tracking firm EPFR Global.
Funds flowing to China accounted for a third of the money pulled out of Asia (excluding-Japan) equity funds as official talk of eight per cent growth in emerging Asia's biggest economy, was not supported by any additional policy measures.
"Funds investing in two of the other BRIC markets, India and Russia, posted outflows while Brazil equity funds eked out a sixth straight week of inflows," the EPFR report stated.
Further, all of the major emerging markets equity fund groups tracked by EPFR Global recorded outflows during the reviewed week March 4, as Latin America equity funds saw their eighth week $795 million inflow streak come to an end.
Besides, fund groups investing in traditionally defensive sectors failed to attract investments, with healthcare/biotechnology, consumer goods and utilities sector funds posting outflows to the tune of $277 million, $15 million and $12 million, respectively.
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