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With the stock market dipping over four percent in January, equity fund managers did not have a lot of room to work. Foreign selling continued amidst global growth concerns, putting pressure on the local bourse despite strong fundamentals and discounted valuations.
After three consecutive months of being net purchasers, mutual funds sold Rs. 1.86 billion worth of shares (net) in January. Returns for conventional equity funds averaged -2.45 percent (loss) for the month,