Foreign investors have sold nearly R100bn worth of South African equities in 2016 on a net basis, even as the country’s bond market attracted R62bn from foreigners in the same period, according to JSE data. While the SABMiller/Anheuser-Busch InBev (AB InBev) transaction accounted for the majority of outflows, SA’s economy had come under scrutiny as an emerging market investment destination, said Donna Nemer, head of capital markets at the JSE. SA’s financial markets were also subject to external factors, including overall risk appetite for emerging markets, Nemer said. "You just have to read the press to see that SA is not an attractive investment destination at the moment," said Kokkie Kooyman, portfolio manager at Denker Capital. "I think it’s simply that plus the fact that most index stocks in SA are fairly expensive," he said. Foreigners have been net sellers of local equities to the tune of R98.99bn in 2016. SABMiller and AB InBev accounted for R43bn and R21bn of these sales, r...
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