Asia Equity Flows Positive As Semiconductor Names Lead The Way

• China equities were lower on Thursday despite strong data equity flows have now seen two days of outflows taking the past 5 days to -14.4b yuan. China CPI & PPI is due out on Saturday expected to be 0.3%, while PPI is expected to remain unchanged at -2.5%. The 5-day average continues to trend lower, now at -2.88b vs the 20-day average at +2.31 billion yuan.
• South Korean equities have now notched up two days in a row of outflows the first in over a month and worst day since Jan 17th. Most the the outflows came from the tech sector with -$171m in net flow. The 5-day average continues to trend lower, now at $52m vs the 20-day average at +$188m.
• Taiwan equities were again higher with global semiconductor names leading the way. TSMC will release Feb sales figures later today which will set the trend for future flows. The 5-day average continues to trend lower, now at $446m vs the 20-day average at +$265m.
• Thailand equities were higher on Thursday after consumer confidence data rose to 4 year highs on higher tourism levels and government's economic stimulus. Equity flows have been negative for the past two weeks, with the 5-day average now -$28m vs the 20-day average at -$11m

Table 1: EM Asia Equity Flows