Market round-up: Global funds reduce India allocation
- Sebi wants bourses to charge higher for illiquid stocks
- Rahul Gandhi says India feeling tired, directionless, only Congress can take it forward
- Bengaluru, India’s Silicon Valley, faces man-made water crisis
- Daler Mehndi sentenced to 2 years jail in human trafficking case, gets bail
- Xi Jinping re-elected as China’s president, loyalist Wang Qishan vice president
Data collated by Emerging Portfolio Fund Research (EPFR) shows that global funds have reduced allocation to India in the past three months.
Global emerging market funds reduced their exposure to 11.3% in end-August, from 12.1% in end-May.
Likewise, funds dedicated for investments in the Asia ex-Japan region reduced exposure to 13.6% from 14.1% during the same period.
Market participants point out that this is largely because of profit-booking, given the sustained rise in Indian stocks this year.
Private insurers lost market share in September
Private insurance firms lost market share in September although Bajaj Allianz, SBI Life and Birla Sun Life grew faster than the overall industry, according to a report by JM Financial Ltd.
In terms of annual premium equivalent (APE), Bajaj Allianz grew 130%, SBI Life 51% and Birla Sun Life 47% against the industry growth of 29%.
Reliance Life contracted 10%, the report said.
Life Insurance Corporation of India (LIC), which has more than 60% market share, saw business grow 29% from a year ago.
For the industry, low-margin group insurance premiums went up 78% year-on-year with LIC witnessing 72% growth and private insurers 94% growth.
Mexican peso rallies on Trump woes
The Mexican peso has rallied by 7% since the time of the first presidential debate late last month.
It has made up for most of the losses incurred in the preceding month.
At that time, the markets were concerned that a Donald Trump win in the US elections will result in weaker relations with Mexico and hurt the economy.
In the past month, several allegations have been made against Trump, and news reports suggest these have hurt his prospects in the elections.