HONG KONG, Dec 4 Reuters China and broader emerging Asia market stocks were among the most net sold regions by global hedge funds in November, Goldman Sachs said, as fund managers further reduced exposure to the world39;s secondlargest economy.
Chinese equities saw net outflow from longshort fund managers for a fourth successive month, mainly due to reduction in long bets, Goldman Sachs39; prime services team said in a report on Monday, without revealing the figure.
This was also the ninth month of net outflows this year, the bank said, dragging emerging Asia to become the region with the largest net outflows across the world.
In contrast to a broad rally in major global indexes on U.S. rate cut optimism, China39;s CSI 300 Index .CSI300 declined 2 while Hong Kong39;s Hang Seng Index .HSI fell 0.4 in November, both posting their fourthstraight losing month.
Investors remain wary amid sluggish Chinese economic data and a persistent crisis in the property sector, even as U.S.China relations showed signs of warming up after U.S. President Joe Biden and Chinese President Xi Jinping39;s meeting last month.
U.S.listed Chinese stocks and mainland Ashares led the selloff in November, Goldman Sachs said, adding it was partially offset by net buying in Hshares.
Within emerging Asia markets, Taiwan also recorded net outflows last month, while South Korea saw the largest net inflows, Goldman Sachs said.
Hedge funds rotated their positions to developed Asia markets, including…