Investors globally pulled out $2.7 billion from the emerging market focussed funds during the week ended November 23, amid concerns of worsening debt crisis in Europe, global fund-tracking agency EPFR has said.

This was the biggest weekly outflow from emerging market equity funds since early October and has taken the total outflow from these funds since the beginning of 2011 to $39.9 billion, EPFR said.

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"Emerging markets equity fund groups and sub-groups struggled in the face of the headwinds flowing out of developed Europe during the third week of November," it noted.

EPFR further said in its weekly report that the direct proximity of key markets to the Eurozone kept the pressure on emerging market equity funds. . .ahead of a ratings downgrade for Hungarian debt that took it into 'junk' territory and speculation that Russia's economy faces a credit squeeze.

The EPFR did not disclose India-specific fund outflow data.

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But, according to information available with Indian capital market regulator, Sebi, the foreign institutional investors pulled out $624 million from the Indian market during the week under review.

Most of emerging market focussed equity funds invest in India as FIIs and the capital flows through this route are a key factor in the stock market trends here.

Overall, the global equity funds saw a net outflows of $15.6 billion for the week ended November 23, taking the year-to-date total to over $100-billion mark.

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"Equity funds had their worst week since early August as investors digested the failure of the US deficit reduction panel, a poor German bond auction and the prospect of another recession in Europe," the report noted.

Apart from emerging market equity funds, funds dedicated to Europe, the US and Latin America were under pressure and saw outflows.

Among the Asia excluding funds dedicated to Japan, funds focused to China and Korea too witnessed outflows, but Vietnam, Thailand, Indonesia and Taiwan equity funds had attracted modest inflows.

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In contrast, Japan-focused equity funds managed to attract modest inflows despite the yen's persistent strength and the pain that is causing key export plays.

In terms of sector, EPFR said, the commodity sector funds posted inflows thanks to the $1.26 billion committed to funds specialising in gold and precious metals, and infrastructure sector funds attracted $29 million.

On the other hand, other eight major sector fund groups, such as those focussed on telecom and financial sectors, experienced redemptions ranging from $53-689 million.