Stocks in mainland China have emerged as an outlier amid November’s global rally, with the market extending its run of losses owing to persistent investor concerns about the economic recovery.

The benchmark CSI 300 Index is down about 2% in November, heading for a fourth straight month of losses and trading near a 2023 low reached in October. The dismal performance stands in sharp contrast to the MSCI All-Country World Index’s surge of more than 8% this month, fueled by bets that the Federal Reserve is done raising interest rates.

“Sentiment has been so bad,” said Willer Chen, senior analyst at Forsyth Barr Asia Ltd. “If you look at the macro numbers this month, the only beat probably just comes from retail sales and industrial production. Policy wise, there has been a lot of noise out there this month but nothing concrete or confirmed.”

READ: China Factory, Services Activity Shrink in Sign of Recovery Woes

In fresh signs of economic strains, data Thursday showed China’s manufacturing activity contracted again in November while a gauge of the services sector shrank for the first time this year. Results from major technology giants have also failed to impress investors, with food delivery giant Meituan rtumbling to its lowest level since March 2020 after giving soft fourth-quarter guidance.