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Financial stocks (NYSEARCA:XLF) saw the largest inflow of cash since April.
Bank of America Securities released its weekly equity client flow trends report, showing that clients bought stocks in six of the 11 Global Industry Classification Standard sectors through the firm’s cash equity business.
Information technology (SMH) was the sector with the largest cumulative net buying of the GICS sectors in 2023 with $15.57B in purchases, followed by communications services (XTL) ($9.55B), healthcare (XLV) ($5.786B), and financials (XLF) ($5.738B).
Financials (XLF), however, had the biggest inflow of money since April with $686M last week.
In addition, the consumer discretionary sector (XLY) had the biggest inflows since June, reaching $430M last week.
The communication services sector (XTL) has also seen inflows for the last six weeks, now, “the longest buying streak of any sector,” which BofA has moved up to overweight in their S7P 500 sector view.
Technology recorded its biggest outflows last week, with $495M in selloffs last week, after $1.139B in inflows — the largest of the sectors — the previous week.
Consumer staples saw the second biggest outflow last week, with $481M in sales. The sector’s outflows have been increasing since late August.
Corporates encompassed the biggest share of net buying, followed by institutional clients, excluding ETFs. Hedge funds, on the other hand, did the biggest share of the net selling, according to BofA Securities.