Risk of central bank hikes prompts investors to shun tech - surveys

A man points at a computer screen showing stock information in this illustration photo taken in Bordeaux, France, March 30, 2016. REUTERS/Regis Duvignau

LONDON (Reuters) -High-flying tech stocks, the darling of the pandemic, are the most shunned counters in the opening weeks of 2022 as investors see a flurry of rate hikes from central banks as the top risk to markets, investor surveys said on Tuesday.

A BofA survey conducted from Jan 7-13 among investors with combined assets under management of more than $1.2 trillion showed fund managers had cut their overweight positions to their lowest levels since December 2008.