Emerging mkt equity funds attract $820 mn last week: report

Snapping three consecutive weeks of outflows, emerging market equity funds attracted about $820 million in the previous week, said a report.

During the week ended June 1, emerging market equity funds gained $820 million, first weekly inflow in three weeks, reducing year-to-date outflow to $7.7 billion, according to the data complied by the international fund tracking firm EPFR.

Overall, equity funds dedicated to global fund saw inflows of $1.7 billion, which arrests a three week investor exodus totalling $18 billion.

The report attributed inflows to expectations of continuing low interest rates in the US coupled with  rate hikes in emerging markets to combat inflation.

However, it states that return of flows to equity funds may be temporary as investors are still worried over Greece debt crisis.

The report said that in the coming weeks, inflows will depend on international crude oil prices and Japan's recovery from the Tsunami crisis.

According to information available with Sebi, foreign institutional investors (FIIs) have poured in $288 million in the Indian market during the week ended June 1.