(Reuters) - Global equity funds faced outflows for the second straight week in the week ending June 19, with investors cashing in on a share rally amid concerns that the Fed might cut rates only once this year and ongoing political risks in Europe.

According to LSEG data, investors pulled a net $2.61 billion out of global equity funds during the week after about $15.35 billion worth of net selling in the previous week.

Last week, the U.S. Federal Reserve kept interest rates steady but scaled back its projected rate cuts for the year from three to one, adopting a more hawkish stance than anticipated.

Meanwhile, global stocks surged, with the MSCI's gauge of stocks across the globe reaching a new record on Thursday, buoyed by indications of a gradual cooling in the labor market and easing inflation.

U.S. equity funds suffered a net $8.37 billion worth of outflows during the week after about $21.54 billion worth of net selling in the previous week.

Investors, however, purchased European and Asian equity funds of about $2.77 billion each.

Sectoral equity funds saw about $181 million worth of net selling with about $290 million and $195 million worth of outflows from financials and consumer discretionary sectors.

Conversely, the tech sector secured a second weekly inflow, valuing about $606 million on a net basis.

Global investors, meanwhile, acquired about $4.82 billion worth of global bond funds, extending net purchases into a 26th successive week.

They channeled $1.4 billion into corporate bond funds, marking the third consecutive week of net purchases. Additionally, government bond funds attracted approximately $963 million in inflows.

Money market funds saw $5.32 billion worth of net selling, the first weekly outflow in three.

Among commodities funds, investors shed $490 million worth of precious metal after two weeks of net buying in a row. Energy funds also saw $165 million worth of outflows.

Data covering 29,481 emerging market funds showed equity funds had a massive $1.76 billion worth of outflow, the biggest for a week since April 24. Bond funds also saw a slim $96 million worth of net withdrawals.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru)