LONDON (Reuters) -Tech stocks remain on track for a record $75 billion inflow this year, BofA’s weekly flow show note said on Friday, highlighting demand for the sector even as it comes under pressure from concerns about lofty valuations.
Tech stocks have been on a surge for much of this year, and the Nasdaq has risen around 14% and hit an all time high in late October.
But they have since stumbled and the tech heavy index dropped 2% on Thursday.
Nonetheless, tech stocks also saw a $4.4 billion inflow in the week to Wednesday, BofA said in their weekly round up of flows in and out of world markets.
Elsewhere, it said crypto funds saw a weekly outflow of $2.2 billion, the second largest outflow on record.
Cryptocurrencies have been caught in a broad flight from risk assets and on Friday bitcoin and ether fell to multi-month lows.
The BofA note also showed U.S. Treasuries had $8.8 billion of inflows, their biggest inflow since April when U.S. President Donald Trump’s Liberation Day tariffs roiled world markets.
(Reporting by Dhara Ranasignhe, editing by Alun John)
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