Judging by the turnover on Asia’s stock markets, investors have lost their appetite for what was last year’s top performing region. Comparing daily averages for April versus last November, turnover is down across the region from anywhere between 20 per cent and 40 per cent. Hong Kong has borne the brunt of the disaffection with volumes down some 40 per cent since last November.

The accompanying fall in prices has signalled a major correction and the pull-back by domestic and international investors alike has left the regional MSCI Asia Pacific Index down by over 12 per cent since last October’s peak.