Foreign investors extend selling of Chinese stocks on slowdown risks

Foreigners have continued to sell Chinese stocks during the first ten days of this month, following massive sales in October due to concerns over geopolitical tensions, the future direction of China's economic policies and the impact of COVID lockdowns.

That was in contrast to the inflows into emerging markets in October: their stock and bond markets received $9.2 billion last month. "One key outcome that investors came away with from the 20th Party Congress was that there seems to be less opposing voices within the government, and an even higher concentration of power," said John Lau, head of Asian equities at investment firm SEI.

The concerns over China's faltering recovery were exacerbated this week after data showing exports and imports contracted in October, hit by the COVID-19 restrictions and falling external demand. Slowing exports are likely to hurt the weak yuan further, analysts said.Graphic: China's exports, imports, and performance of yuan against the dollar this year - https://fingfx.thomsonreuters.

MSCI China's forward 12-month price-to-earnings ratio was at 8.1 at the end of October, much below a 10-year average of 11.3.

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