Global uncertainties have made investors look East, as they have poured $ 2 billion into emerging market equity funds last week, more than what they have committed to developed nations, says a report.

For the first time this year, emerging markets equity funds post bigger inflows than their developed market counterparts, according to data compiled by international fund tracking firm EPFR.

Flows into developed markets slowed sharply due to raising energy prices, a mixed start to first quarter corporate earnings reports, Portugal’s sovereign debt problems and Japan’s ongoing nuclear crisis.

During the week ended April 13, funds dedicated to emerging market drew $ 2 billion, while developed—market equity funds attracted $ 1.25 billion, the report noted.

However, the EPFR did not disclose specific inflow figures for India—focused funds. According to information available with SEBI, foreign institutional investors (FIIs) poured in about $ 222 million in the Indian market during the period.

In the last three weeks, emerging market equity funds attracted $ 10.3 billion after witnessing a pull out of over $ 26 billion in the first quarter.

Besides, Asia ex-Japan Equity Funds also posted inflows in the latest week. However, Japan equity funds experienced net redemptions for the third consecutive week as authorities upgraded the severity of the crisis at the Fukushima plant and downgraded the outlook for the economy.

At the country level, Russia continues to shine thanks to its commodities and energy story. Investors committed fresh money to the country’s equity funds for the 26th time in the 28 weeks.

In terms of sector, healthcare or biotechnology and real estate industries witnessed capital inflow while investors have taken out money from financial sector.

Healthcare funds took in fresh money for the consecutive sixth week, and real estate sector funds posted solid inflows that took the year—to—date total to $ 4.5 billion.

While, higher interest rates, ongoing regulatory battles and the insurance bills for the earthquake and tsunami that hit Japan in March kept the pressure on financial sector funds, which experienced net redemptions for the fourth straight week.

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