BofA’s institutional clients net buyers of US stocks for first time in 5 weeks

LONDON (Reuters) – BofA Securities clients last week were net buyers of U.S. stocks, to the tune of almost $6 billion, for the first time in five weeks in the 10th largest inflow since 2008, the bank said in a note released on Tuesday.

Stocks have sold off sharply this month in part led by U.S. recession fears. The is down around 4% so far this month, though has been rebounding for the past few sessions.

BofA’s institutional clients last week were net buyers for the first time in five weeks, while hedge funds and private clients were net sellers, the BoFA note said.

It added that tech and communication services stocks saw the largest inflows, while tech stocks saw inflows for the first time in four weeks.