The public withdrew NIS 1.4 billion from mutual funds yesterday, according to Meitav Investment House Ltd., as the Tel Aviv Stock Exchange's (TASE) Tel Aviv 25 Index fell 7%. Yesterday was the worst day for the mutual funds sector since the collapse of Lehman Brothers in September 2008.
NIS 900 million was withdrawn from fixed income and general mutual funds, and NIS 140 million was withdrawn from equity mutual funds. However, NIS 280 million was deposited in money market funds as investors sought safer investment instruments.
Yesterday's withdrawals were the worst day for the mutual funds sector since NIS 1.8 billion was withdrawn on September 18, following the collapse of Lehman Brothers.
NIS 2.4 billion was withdrawn from mutual funds in the first week of August, and NIS 18 billion has been withdrawn since March.
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