Foreign stampede takes outflows to record high
Non-residents sold R97.6bn of SA debt and equities in the first three months of the year, the highest outflows on record, according to the SA Reserve Bank
SA’s capital markets saw an unprecedented stampede in the first quarter as investors bailed out of the country’s equity and bond markets because of volatility resulting from the intensification of the Covid-19 crisis.
Foreigners sold almost R100bn of SA bonds and equities in the first three months of 2020, the highest outflows on record, data from the Reserve Bank showed on Thursday. Portfolio flows, which reflect foreign investors’ take-up or sale of SA debt securities and equities, swung to a “substantial outflow” of R97.6bn, the bulk coming from bonds, the Bank said in its quarterly bulletin...