March’s record selloff in emerging-market stocks and bonds has gone into reverse. But overseas investors are flocking only to the least risky assets in the least troubled regions, suggesting their worries haven’t been put completely to rest.

Emerging-market countries including India, China, Brazil and Russia saw nonresident investors buy a total $4.1bn of their stocks and bonds in May, according to data from the Institute of International Finance. But those investors have also been careful to differentiate between regions where the coronavirus has spread more quickly and those that take different attitudes to the pandemic.