Redemption Pressure Likely To Stay - Fund Manager

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[Dow Jones] Redemption pressure with foreign funds likely to rise in November, December as US financial sector crisis will continue “minimum for the next six months,” says a fund manager at a global fund with about $2 billion exposure in Asia. FII’s have sold about net $8.2 billion in India shares since start-2008. “We are very cautious, and we don’t want to increase exposure (in Asia) right now. Our fund net asset value (in Asia) remains negative from beginning of 2008 as we have lost out on fall in shares and also weakening Asian currencies,” he says. Adds, “As long as the US financial sector crisis stays, stock markets are likely to stay weak.” Sensex down 0.9% at 13,396.36, 37% off all time high of 21,206.77 on January 10, 2008.

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