UPDATE 1-Foreigners in rare sale of Canadian securities

* Foreigners sell for first time since December 2008

* Analysts had expected purchases of C$5.0 billion
(Adds details)

OTTAWA, May 18 (BestGrowthStock) – Foreigners sold Canadian
securities in March for the first time in more than a year,
reducing their holdings by C$0.6 billion ($0.6 billion),
Statistics Canada said on Tuesday.

The data surprised market analysts, who had predicted
foreigners would purchase C$5.0 billion worth after the C$6.7
billion they bought in February. The last time foreigners sold
Canadian securities was in December 2008.

Foreign investment in Canadian bonds in March was just
C$0.9 billion, down significantly from the average monthly
level of C$7.3 billion seen over the previous 14 months.

Nonresidents withdrew C$1.9 billion from the Canadian money
markets, acquiring C$3.8 billion in private corporate debt,
almost exclusively in new Canadian bonds denominated in foreign
currencies.

Canadian investment in foreign securities strengthened to
C$6.3 billion from C$4.3 billion in February, thanks to C$4.8
billion spent largely on non-U.S. foreign stocks.
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($1=$1.03 Canadian)
(Editing by James Dalgleish)

UPDATE 1-Foreigners in rare sale of Canadian securities