According to Emerging Portfolio Fund Research (EPFR), in the last week of the funds that invest in emerging markets, customers withdrew $ 3.32 billion no exception, and funds investing in Russia: they have lost more than $ 73 million, considerably less than a week earlier. However, despite the decline in output from Russia, funds, Russian stock indexes were outsiders in the current week.
EPFR data suggest that investors continue to withdraw funds from emerging markets. For the week ending October 5, funds, investment policy which focuses on emerging markets, lost $ 3.32 billion, a quarter more than the losses incurred the previous week ($ 2.65 billion). As the analyst at Alfa Bank, Angelika Henkel, the funds derived from funds GEM, BRIC, virtually all groups of regional and country funds.
Funds, investment declaration which focuses on Russia and CIS countries, no exception to the general trend, although the pace of withdrawal declined. According to EPFR, for the last week of the funds were withdrawn $ 73 million, which is six times less compared to that recorded for the previous week ($ 443 million). In contrast to the trend of recent weeks, the bulk of redemptions this week fell on the traditional foundations of which brought $ 45 million, or 61% of the total score, while the outflow of funds from ETF-made $ 28 million, analysts say "Uralsib".
Sure withdrawal of the Russian market continues 13th consecutive week. So foreign investors are not continually taken out means never ever recorded. However, there were two periods when foreign investors during the 11 weeks of withdrawal of funds from Russia - they have fallen to the crisis in 2008. The first time it happened in the summer of 2008, when non-residents reacted painfully to the promise of Russian Prime Minister Vladimir Putin to "send a doctor" owner "Mechel" Igor Zyuzin. Negative emotions they have added and the fighting in South Ossetia and Abkhazia. Six weeks later the picture again. Then, after the catastrophic collapse of stock markets investors are taken out of the funds remaining funds.
In this case the intensity of the current output is much higher than the previous two cases: if the summer of 2008, investors withdrew $ 918 million, and in winter outflows slowed to $ 384 million, in the now clients of funds brought more than $ 3 billion, says Director Simargl Capital Dmitry Garden, aggressive withdrawal provoked no less aggressive inflows to mutual funds before. According to EPFR, since September last year and May this year, customers have brought in funds of over $ 5.7 billion, and this year had $ 4.5 billion, "While funds focused on Russia, received funds, funds of other countries in largely lost, so now our funds are catching up with the rest ", - says Mr. Garden.
However, the fact that by the end of the week the situation became calmer, not reflected in the data EPFR. "These EPFR reflect the market situation was observed in the Monday-Wednesday of this week, when the Russian market suffered one of the biggest falls, - said Dmitry Garden .- So even warming, which occurred late last week, failed to influence the outcome" . Despite the decrease in the volume withdrawn funds from foreign investors and a reversal that occurred at the end of the week, the Russian stock market was among the outsiders among both developed and emerging markets. Since the beginning of the week the RTS index fell by 3%, to 1289.93 points, while during the week it fell to 1,200 points - the minimum value since September 2009. The MICEX index lost nearly 2.3%, having fallen to a mark of 1331.22 points. At the same time the leading Asian indices fell 0.6-1%. At the same time within Europe grew 2.5%, American - at 1-3%.
EPFR data suggest that investors continue to withdraw funds from emerging markets. For the week ending October 5, funds, investment policy which focuses on emerging markets, lost $ 3.32 billion, a quarter more than the losses incurred the previous week ($ 2.65 billion). As the analyst at Alfa Bank, Angelika Henkel, the funds derived from funds GEM, BRIC, virtually all groups of regional and country funds.
Funds, investment declaration which focuses on Russia and CIS countries, no exception to the general trend, although the pace of withdrawal declined. According to EPFR, for the last week of the funds were withdrawn $ 73 million, which is six times less compared to that recorded for the previous week ($ 443 million). In contrast to the trend of recent weeks, the bulk of redemptions this week fell on the traditional foundations of which brought $ 45 million, or 61% of the total score, while the outflow of funds from ETF-made $ 28 million, analysts say "Uralsib".
Sure withdrawal of the Russian market continues 13th consecutive week. So foreign investors are not continually taken out means never ever recorded. However, there were two periods when foreign investors during the 11 weeks of withdrawal of funds from Russia - they have fallen to the crisis in 2008. The first time it happened in the summer of 2008, when non-residents reacted painfully to the promise of Russian Prime Minister Vladimir Putin to "send a doctor" owner "Mechel" Igor Zyuzin. Negative emotions they have added and the fighting in South Ossetia and Abkhazia. Six weeks later the picture again. Then, after the catastrophic collapse of stock markets investors are taken out of the funds remaining funds.
In this case the intensity of the current output is much higher than the previous two cases: if the summer of 2008, investors withdrew $ 918 million, and in winter outflows slowed to $ 384 million, in the now clients of funds brought more than $ 3 billion, says Director Simargl Capital Dmitry Garden, aggressive withdrawal provoked no less aggressive inflows to mutual funds before. According to EPFR, since September last year and May this year, customers have brought in funds of over $ 5.7 billion, and this year had $ 4.5 billion, "While funds focused on Russia, received funds, funds of other countries in largely lost, so now our funds are catching up with the rest ", - says Mr. Garden.
However, the fact that by the end of the week the situation became calmer, not reflected in the data EPFR. "These EPFR reflect the market situation was observed in the Monday-Wednesday of this week, when the Russian market suffered one of the biggest falls, - said Dmitry Garden .- So even warming, which occurred late last week, failed to influence the outcome" . Despite the decrease in the volume withdrawn funds from foreign investors and a reversal that occurred at the end of the week, the Russian stock market was among the outsiders among both developed and emerging markets. Since the beginning of the week the RTS index fell by 3%, to 1289.93 points, while during the week it fell to 1,200 points - the minimum value since September 2009. The MICEX index lost nearly 2.3%, having fallen to a mark of 1331.22 points. At the same time the leading Asian indices fell 0.6-1%. At the same time within Europe grew 2.5%, American - at 1-3%.
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