Foreign institutional investors (FIIs) sold $2.2 billion last week, third biggest outflows during the year in every emerging Asian market except India.

In India, domestic mutual sold shares worth Rs 1,715 crore in June thus far, while FIIs were net buyers of Rs 1,682 crore during the same period.

The study by Goldman Sachs show that the MSCI all country Asia Pacific ex Japan (MXAPJ) fell 4.4 per cent in local currency terms last week, following largely the negative foreign flows.

On a Year to date, the MSXI index finished effectively flat (+0.5%).  FIIs withdrew a very significant $1.4 billion last week in Taiwan. Outflows accelerated during the week, dragging the Taiwan index TWSE by 7.4 per cent during the last week.

Net inflows amounted to $889 million in Korea last week, the seventh consecutive week of outflows. Foreigners sold both cash equities and derivatives-likely a reflection of over-the board risk reduction.

The Kospi continued to decline by 5.6 per cent in local currency terms, making it still the worst performer among Asian markets year to date (down 10.4 per cent).

On the domestic side, institutional investors sold $262 million, while retail investors passively bought $813 million last week.