The marked underperformance of Chinese equities last month came as investors showed they are in no hurry to either or buy or sell the nation’s stocks, leading to some of the calmest market swings in years.

The highest level that the MSCI China Index reached in November was only four points above its low for the month, data compiled by Bloomberg show. That trading range is tighter than those for all but three months since the start of 2018.