NIS 800M withdrawn from monetary funds
Shekel funds, on other hand, raise pleasing NIS 700 million in November – year's highest monthly performance
Are the tables turning on TASE leading to an end-of-the-year rally? Judging from money market funds, which are testament to the public's propensity to risk, one can certainly be optimistic.
Money market funds, for the first time in 2011, are ending the year with outflows of some NIS 800 million (about $215 million).
Nonetheless, during November investors pulled some NIS 1.5 billion ($400 million) from the traditional funds followed by another NIS 500 million ($133 million) outflow in the past week.
Contrarily, shekel funds raised a pleasing NIS 700 million ($187 million) – the year's highest monthly performance.
Government/Corporate bond funds continue to slide with about NIS 1.5 billion in withdrawals this month amounting to some NIS 19.4 billion ($5 billion) since the onset of the withdrawals in March 2011.
TASE and global markets were high strung this month, and despite ending on a sharp correction, leading indices slid considerably: TA-75 dropped some 3.1%; TA-25 shed about 4.5% and the TA-Banks Index took a 10.7% nosedive.
Driven by market declines, mutual shares funds (Israeli, foreign and mixed) lost some NIS 240 million ($640,000) – the highest loss in the past three months.
Government bond funds and index-linked funds experienced a NIS 260 million ($69 million) outflow this month – the lowest in the past year.
The traditional funds currently hold some NIS 109 million ($29 million) – the lowest asset volume since October 2009, stemming from the outflows and the drop in value of fund assets.
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