Bank of America: Investors rush to cash and quit shares in March

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(Reuters) – A fund managers survey conducted by Bank of America on Tuesday concluded that investor sentiment was shattered in March, as growth expectations fell at the largest monthly pace in the survey’s 26-year history.

Cash holdings increased to an average 5.1 percent from 4 percent in February, in light of a record collapse in equity allocations, led by euro zone and emerging market stocks.

The survey, which was conducted between the sixth of March and the twelfth of March and deals with the views of investors who manage $ 516 billion, concluded that the bank’s “bull and bear” index, which measures sentiment, fell to 1.7 from 2.5 in February.

Investment in banking sector shares was at the lowest level since July 2016, while relatively safe sectors such as utilities and health care were the most popular since early 2009.

Prepared by Mahmoud Salama for the Arabic Bulletin – Edited by Ahmed Elhamy

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