0223 GMT - Recent buying of Australian banks' stocks have likely been led by overseas institutional investors, potentially on the back of a weaker China outlook driving fund inflows into Australia, say Macquarie analysts in a note. Though domestic institutional investors also remained net buyers of banks in the March quarter, Macquarie points out that it was more "discriminate than in the previous quarter as investors switched from CBA into other major banks." Westpac was rewarded by investors after a better than expected 1Q FY 2024 trading update. Macquarie says retail investors remained net sellers in the March quarter. "Investors reduced short positioning across all the major banks, with the exception of Bank of Queensland, where investors lifted short interest," Macquarie adds. (alice.uribe@wsj.com)
(END) Dow Jones Newswires
April 15, 2024 22:23 ET (02:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments