NEW YORK, April 24 (Reuters) - Investors pulled $7.4 billion out of emerging market equity funds in the past week, the most for any week in over four years, hurt in part by the collapse in oil prices, according to data from EPFR.
The outflows in EM bond funds reached $721.6 million in the week to Wednesday, the data show, marking a total of over $54 billion in net outflows over the past eight weeks.
For EM equity funds it was the 10th consecutive week of outflows, for a total of $25.5 billion in that period.
“A steep plunge in oil prices hit investor sentiment toward this asset class,” EPFR said of EM equity funds, adding that last week’s outflow was the largest since the third quarter of 2015.
Funds focused on South African equities extended their longest run of inflows since early in the second half of last year. But those were more than offset by withdrawals from funds with focus on oil producers, including Saudi Arabia and Russia.
In Latin America, the flows were affected by the shift in sentiment toward Brazil, the report said, while Mexican equities have seen inflows in six of the past seven weeks.
Among EM bond funds, the outflow from funds with local currency mandates more than offset flows into hard currency funds.
At the sovereign level, Turkey-focused bond funds posted their largest inflow in over four years and “solid amounts of fresh money” flowed into South Africa bond funds.
Globally, over $126 billion flowed into money market funds, EPFR said.
Reporting by Rodrigo Campos; Editing by Dan Grebler