Investors swarm into tech stocks and crypto - BofA

FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON: Investors poured the most cash into technology stocks since August in the week to Wednesday and doubled the amount they put into cryptocurrencies, according to a report on Friday from Bank of America Global Research.

Inflows into tech stocks reached $4.7 billion, the most since August, putting flows on track for an annualised record of $98.8 billion, BofA said, citing EPFR data.

Crypto inflows rose to $2.4 billion in the latest week, from $1.2 billion the previous week, as investors rushed into exchange-traded funds, helping push bitcoin to within sight of record highs.

Emerging-market stocks saw their first outflow since November, down $1 billion, driven by a $1.6 billion shift out of China-exposed funds, which was the biggest outflow since October, BofA said. - Reuters

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