LONDON, Nov 25 (Reuters) - Global hedge funds sold U.S.

electric and water utilities stocks at the fastest pace in two

months while buying U.S. materials stocks such as chemicals,

metals and mining as well as paper and forest shares in the week

to Friday, Goldman Sachs ( GS ) said.

U.S. utilities shares are now among the most sold U.S. stock

sectors in November, showed a note from Goldman Sachs ( GS ) prime

brokerage sent to investors on Friday and seen by Reuters on

Monday.

The Dow Jones Utility Index which tracks a collection

of U.S. utilities stocks rose just over 3% last week and has

risen more than 20% so far in 2024.

Most utilities stocks including electric and water were sold

except for gas utilities, said the note which tracks weekly

hedge fund sales.

Materials was the most net bought U.S. stock sector on

Goldman Sachs' ( GS ) trading desk last week.

Buying spanned the entire stock sector, led by chemicals

then metals and mining, as well as paper and forest products,

said the bank note.

An S&P index tracking U.S. materials stocks rose

1% in the week ending Friday and has risen over 9% so far in

2024.

Hedge funds have bought materials stocks in three of the

last four weeks and the sector is among the most net bought in

the United States on Goldman Sachs' ( GS ) prime brokerage desk, said

the bank.

(Reporting by Nell Mackenzie; Editing by Dhara Ranasinghe and

Emelia Sithole-Matarise)