(Reuters) -Global equity funds saw their first weekly outflow in 10 weeks in the week to November 26, as concerns about ​stretched valuations, particularly in the tech sector, outweighed optimism around expected ‌U.S. interest rate cuts next month.

According to LSEG Lipper data, investors withdrew a net $4.48 ‌billion from global equity funds as they registered their first weekly net sales since September 17.

In the most recent week, investors divested U.S. and European equity funds of $4.56 billion and $1.21 billion, respectively, but invested approximately $170.37 million ⁠in Asian equity funds.

Overall, global ‌equities had a volatile November, with fears over stretched tech valuations and a record 43-day U.S. government shutdown weighing ‍on sentiment.

"We continue to view AI as a market driver, but the sector will likely be assessed more selectively, and high valuations of many AI leaders carry disappointment risk," said ​Vincenzo Vedda, chief investment officer at asset management firm DWS Group.

"For ‌this reason, we remain broadly diversified and see gold as a relative hedge."

Inflows in global bond funds, meanwhile, cooled to a 22-week low of $6.77 billion during the week.

Euro-denominated bond funds faced a net $3.58 billion outflow, the first weekly net sales since July 9. Short-term bond funds, however,⁠ gained $5.56 billion in a fourth successive ​week of net purchases.

Investors added $2.54 billion worth ​of money market funds as they ended a two-week selling trend.

Gold and precious metals commodity funds, meanwhile, stayed popular for a seventh ‍straight week as these ⁠funds drew roughly $1.66 billion in weekly inflows.

In emerging markets, investors snapped up $3.34 billion worth of equity funds, the most since July ⁠9. They also added a marginal $5.98 million worth of bond funds, data for a combined ‌28,793 funds showed.

(Reporting by Gaurav Dogra and Patturaja ‌Murugaboopathy in Bengaluru, Editing by William Maclean)