Emerging market funds see net loss for third week - Polish brokers |
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Fri, 15 Jun 2007 15:22
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WARSAW (Thomson Financial) - Emerging market funds saw a third straight week of net outflows in the week to June 12, while cash continued to pour into Latin American stocks, reports by Polish brokerages UniCredit CAIB and BZ WBK showed.Outflows soared to 1.1 bln usd from 295 mln a week earlier, the banks' data showed, raising total net redemptions in the last three weeks to 2.7 bln usd.Emerging Europe Regional funds, the largest global investor group committed to Poland, saw an outflow of 76 mln usd, with 18 mln of foreign money pulled from Polish equity markets, UniCredit CAIB said.'LatAm funds remain the darlings of investors, having attracted 3.5 bln usd so far in 2007, while their regional index is up 23 pct (in the) year-to-date, twice the performance of the MSCI EMF (index),' BZ WBK brokerage said.Investors continued to flee the Chinese market, where outflows reached 590 mln usd last week, while Latin America funds absorbed 251 mln usd in fresh money, showing a 13th consecutive week of inflows.Net outflows from Europe, Middle East and Africa (EMEA) funds reached a record of 2.1 bln usd in the year-to-date, BZ WBK said. EMEA funds' assets are up 2.1 pct this year, making them by far the worst performing group among the emerging markets funds.piotr.skolimowski@thomson.comps1/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Funds shun emerging markets, outlook gloomy - Polish brokers 