Foreigners resumed selling in Asian equities ex-China stocks in September as investors were deterred by U.S. interest rate hikes, a firmer greenback and a weaker regional growth outlook.
Data from stock exchanges in South Korea, India, Taiwan, the Philippines, Vietnam, Indonesia, and Thailand showed that foreigners sold equities worth a net $8.83 billion last month - their first monthly selling since June.
Last month, the U.S. Federal Reserve raised its benchmark interest rate by 75 basis points, marking the third such hike in a row. Analysts expect the U.S. central bank to keep hiking rates to tame rising inflationary pressures. Goldman Sachs cut the region's 2022 and 2023 EPS growth by 2 percentage points and 3 pps respectively at the end of last month, citing the negative impact of rising rates, a stronger dollar, and slower growth on earnings.
India and Thailand witnessed outflows worth $903 million and $653 million, respectively, after each seeing inflows in the previous two months.
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