China’s stock market fund outflows add to biggest capital flight since 2016: Goldman

Investors continue to withdraw money from China’s onshore stock exchanges amid slumping equity prices, adding to the biggest capital flight from the nation in seven years, according to Goldman Sachs.

Foreign investors were net sellers of US$3.3 billion of A shares last week, bringing the leakage so far this month to US$5.1 billion or about half of the net outflows in the region, the US investment bank said in a report over the weekend. The CSI 300 Index tumbled 4.2 per cent last week, approaching the lowest level in 12 months.

The biggest stock pullbacks were focused on market leaders like liquor distillers Kweichow Moutai and Wuliangye Yibin, food-seasoning producer Haitian Flavouring, gold miner Zijin Mining, advertising company Focus Media Info, and Ping An Insurance (Group).

Source: SCMP Sportlight