Overseas investors bought Asian equities for the fourth consecutive month in July, spurred by signs that the Federal Reserve's tightening cycle might be ending, a shift from last year's policy that caused big outflows from riskier assets.
Data from stock exchanges in India, Indonesia, the Philippines, South Korea, Taiwan, Thailand and Vietnam showed foreigners purchased a net $3.48 billion of equities in July, the fourth successive month of inflows since April. In India, foreigners remained net buyers for a fifth straight month in July, pumping $5.68 billion into the local equity markets and clocking an all-time high, thanks to strong earnings in recent quarters.
South Korea, the Philippines and Indonesia received about $627 million, $333 million, and $181 million worth of inflows, respectively.