Global funds dumped another $3 billion in China stocks in Oct
Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR.
China and Hong Kong equities saw a combined $3.1 billion in net outflow from active long-only funds last month, a third consecutive month of net selling exceeding $3 billion, the report, seen by Reuters, said.
"The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said.
