Foreigners sell Russian stocks for 15 straight weeks
Foreign investors continued selling off shares of Russian companies on the background of a new round of deterioration of relations with the West and growing macroeconomic risks.
Per week non-residents withdrew another $10 million from the stock market after $110 million a week earlier. Funds focused solely on Russia, sold $40 million per week and $130 million for two. Funds that buy Russian in a package with other emerging markets, brought $30 million, which was not enough to offset the outflow of other foreign investors, reports Finanz.
The outcome of non-residents from the Russian market is becoming a mass boycott. Foreigners sell shares 15 consecutive weeks except for one week in early July. Even the optimism towards emerging markets could not offset the negative outflows come from the Russian traditional funds and ETFs, while EM funds last week received $894 million of fresh funds, showing the best week since April.
As previously reported, UBR, US senators have drafted a package of new sanctions against Russia that will include restrictions on operations with Russian debt, investment in energy and import of uranium, and also personal sanctions against officials and oligarchs.