Tech-heavy stock markets in Asia are bearing the brunt of foreign selling as global growth concerns spurred by rising borrowing costs and the war in Ukraine sap appetite for risk assets.
Overseas funds have sold about a net $63 billion worth of shares in Taiwan, South Korea and India so far this year, according to the latest available data compiled by Bloomberg. The tech sector’s weighting in the Taiex, Kospi and Sensex gauges is higher than that in the broader MSCI Asia Pacific Index.
The exodus is the worst in Taiwan, with foreign investors having dumped a net $28.1 billion year-to-date. That’s even as global funds last week bought the most shares in two months.