EM Asia’s Worst Stock Selloff May Extend as Foreigners Flee

  • Global investors have been on a selling spree, offloading about $164 million so far in September, according to Bloomberg-compiled data. That’s set to be the biggest bout of monthly selling since March and puts the $428 million sold so far this year just behind Thailand and Malaysia in terms of dollar amounts.
  • The reduction comes even as the stock benchmark is trading near March 2020 levels of about 10.6 times forward earnings, one of the cheapest in the Southeast Asia. Meanwhile, the MSCI ASEAN gauge is trading at 13 times forward earnings.