Foreign investors' selling of Chinese shares gained some momentum in May, as flagging domestic demand and expectations for weak corporate earnings led to steep falls on mainland and Hong Kong stock markets.Refinitiv data shows foreigners sold $1.71 billion worth of mainland shares this month via Stock Con
Foreign investors' selling of Chinese shares gained some momentum in May, as flagging domestic demand and expectations for weak corporate earnings led to steep falls on mainland and Hong Kong stock markets.
Such hopes were dashed as domestic and overseas demand wilted, and the recovery proved uneven. According to data from the National Bureau of Statistics, profits at China's industrial firms slumped in the first four months of the year. In April, imports contracted sharply, factory gate prices fell, property investment slumped, industrial profits plunged and factory output and retail sales both missed forecasts.
"We think that the economy would take time to recover, and we would see a period of risk aversion over the short term in response to risks around slowing activity against a backdrop of a potential global recession." The Shanghai Composite Index shed 3.6 per cent in May and posted its biggest monthly loss in seven months, compared with the MSCI Asia Pacific's decline of 1.2 per cent.
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