Net outflows continue ...from equity mutual funds.
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Almost $700-million pulled from stock funds
Saturday, November 16, 2002 – Page B7
Canadians yanked almost $700-million (Canadian) from stock mutual finds in October, despite a strong rally in equity markets during the month. Mutual funds that invest in domestic, U.S. and foreign stocks, excluding reinvested dividends, suffered net redemptions of $688.4-million last month, according to final numbers released yesterday by the Investment Funds Institute of Canada. In September, investors pulled almost $800-million from stock funds to mark the worst month in a decade. The total redemptions for October came to $1.1-billion. The outflow trimmed the sales of mutual funds so far this year to $4.2-billion, a drastic plunge from the $22.9-million in sales this time last year.
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This does not inspire a lot of hope for the markets to regain their strength any time soon nor does the increasing rate of personal bankruptcies in the US.
I will continue to watch for an entry point.
Good luck to all