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Friday, March 19, 2010

Russian Funds See Fifth Week Of Positive Inflows

By Ira Iosebashvili

Dow Jones Newswires

MOSCOW -(Dow Jones)- Russian funds experienced the fifth consecutive week of positive inflows, and year-to-date inflows already have exceeded more than half the full-year total for 2009, Unicredit reported Friday, citing data from Emerging Portfolio Fund Research.

Russia-dedicated funds had inflows of about $253 million in the week ending March 17. The figure was the highest in the Brazil, Russia, India and China group of emerging economies, with China reporting inflows of $60 million, Brazil funds adding $41 million and India funds seeing inflows of $101 million, the data showed.

Year-to-date, Russia has attracted more than $1 billion in new money, after reporting inflows of some $2 billion in 2009.

"Given the strong oil prices in recent weeks, Russia's direct sensitivity to them and the relatively cheap valuation of Russian stocks, the continuation of strong inflows does not look surprising," Unicredit said in a research note. "We do not rule out Russian indices setting new 2010 highs next week."

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