Investors withdrew a net NIS 7.1 billion from mutual funds in August as they sought safe havens from the US credit downgrade.
By GUY KATSOVITCH/GLOBESTrader looks at market graph 311 (R)(photo credit: REUTERS/Tony Gentile)
Investors withdrew a net NIS 7.1 billion from mutual funds in August 2011, the largest monthly withdrawal since August 2007, as they sought safe havens from the US credit downgrade and the debt crisis in Europe.A net NIS 4.6b. was withdrawn from corporate and general fixed income mutual funds. A net NIS 1.5b. was withdrawn from index-linked government-bond mutual funds, the highest monthly figure so far this year. Unlinked shekel government- bond mutual funds bucked the market, raising a net NIS 10 million.A net NIS 660m. was withdrawn from equity mutual funds in August, the largest amount since May 2010.However, money-market funds raised a net NIS 4.2b., 60 percent of which came from withdrawals in mutual funds.
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