Emerging Asian equities ex-China saw monthly foreign inflows in July, after six months of capital withdrawals, as investors bet that the size of U.S. interest rate hikes would ease, and that a recent drop in commodity prices would temper surging inflation.
Data from stock exchanges in South Korea, India, Taiwan, the Philippines, Vietnam, Indonesia and Thailand showed that foreigners purchased equities worth a net $1.23 billion, their first monthly net buying since Dec 2021. "Despite a 75 bps rate hike, Fed Chair Powell’s repeated reference to a 'soft landing' quelled the recession fears somewhat," said Manishi Raychaudhuri, head of APAC equity research at BNP Paribas.
South Korean equities attracted the most inflows in the region, luring $1.37 billion, the biggest foreign buying since December.
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