Foreign investors' selling of Chinese shares gained some momentum in May, as flagging domestic demand and expectations for weak corporate earnings led to steep falls on mainland and Hong Kong stock markets.
Global manufacturing PMI released on Thursday, showed China's factory activity unexpectedly swung to growth in May from decline.
Over the past month, analysts have cut their forward 12-month earnings forecasts of China's large- and mid-cap companies by over 0.7%, with mining and real estate sectors seeing over 3% cuts. "We think that the economy would take time to recover, and we would see a period of risk aversion over the short term in response to risks around slowing activity against a backdrop of a potential global recession."
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