Tech stocks see biggest weekly outflow on record, BofA says

By Thomson Reuters Mar 8, 2024 | 5:18 AM

LONDON (Reuters) – Investors dumped technology stocks and continued to pour money into investment grade bonds and cash equivalents in the week to Wednesday, Bank of America, citing data from EPFR said on Friday.

Tech stocks saw $4.4 bln of outflows in the week, the most on record, though this was the first outflow in nine weeks, BofA said in its weekly roundup of fund flows in and out of world markets.

There were $32 billion of flows into cash, and $13.3 billion into investment grade bonds, the largest inflow since September 2020, the bank said.

(Reporting by Alun John; Editing by Amanda Cooper)