Institutional investors offloaded individual stocks heavily last week, with a combined net outflow of $11 billion from US equities, according to data cited by Zhitong Finance APP.

The retreat was concentrated in the technology sector, marking the third-largest weekly single-stock outflow in Bank of America's recorded history, strategist Jill Carey Hall wrote in a recent note.

The selling pressure stemmed mainly from tech, which posted its fourth-largest weekly outflow since 2008, while the four-week rolling average flow into tech stocks turned negative for the first time since July.

Nine of the 11 sectors saw outflows, with communication services and industrials also hit by heavy selling 鈥?the latter logging a tenth straight week of net outflows 鈥?while materials and real estate were the only two sectors to attract net inflows.

The exodus from individual stocks came as institutions reduced holdings for a second consecutive week, while hedge funds and retail investors were net buyers against the trend, marking the first return of retail money to the market since late July.

Bank of America noted that despite the heavy selling in single stocks, demand for overall market exposure remained strong, with clients pumping money into equity ETFs for a 15th straight week to the tune of $3.2 billion, favoring value and blend funds over growth funds, and rotating away from tech into healthcare ETFs.