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Aug 17 - Most Asian bonds faced foreign outflowsin July, deterred by a rapid spread of the Delta coronavirusvariant that raised concerns over the region's recovery.
Foreigners sold a combined net total $2.06 billion inIndonesia, Malaysian, Thai and Indian bonds, data fromregulatory authorities and bond market associations showed.
"Global investors are likely cautious around upcoming Fedtaper and the prospects of weaker Asian currencies. Current waveof virus resurgences across Asia and the resultant downsiderisks to regional growth are also weighing on investorsentiments," said Duncan Tan, a strategist at DBS Bank.
On the other hand, they bought a net $8.07 billion worth ofSouth Korean bonds last month, the data showed.
Tan said South Korean bonds tend to see stronger inflowsduring times of investor caution.
"Because, holding Korean Treasury Bonds on an FX-hedgedbasis tends to be a good hedge for weaker regional growth andglobal market volatility."
The fast spread of the Delta variant in the region hiteconomic activity last month, with Indonesia, Thailand andMalaysia reporting a contraction in manufacturing activity.
Malaysia faced foreign outflows worth $862 million, comparedwith outflows of $120 million in June.
Indonesia and Thailand saw net selling of $794 million and$302 million respectively.
Indian bonds also booked cross-border outflows for a seventhstraight month, amounting a net $105 million.
"Asia's resurgent virus situation, especially among ASEANeconomies, has prompted us to downgrade our 2021 growth and FXoutlooks for the region," said Khoon Goh, head of Asian researchat ANZ.
"It has also triggered portfolio outflows, which will onlyease and reverse when the current pandemic wave has meaningfullyebbed and growth recovery resumes," he said. REUTERS