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Free AccessAsia Equity Markets See Outflows As Foreign Investors Take Profit
- China equities saw their largest northbound inflow since July 2023, as markets surged higher with the CSI300 up 1.91%, in signs that policy support may be changing market sentiment. It had been reported that China was banning some Quant strategies and that they had banned a top performing quant manager from trading for a year. Flows are gaining momentum with 16.6b yuan of inflows yesterday with the 5-day average now 5.75b, while the 20-day average is 3.66b.
- South Korean equities were lower on Thursday, largely due to moves lower in the US and tech names globally after such a stellar run of late. Flows remain positive although momentum is slowing with $184m of inflows, while the 5-day average sits at $160m, while 20-day is at $306m.
- Taiwan equities were back from their break yesterday, trading 0.60% higher led higher by hardware names. While GDP was lower at 4.93% vs 5.10% expected, however projects the economy will rebound quickly as global demand for AI related technologies spur growth higher. Just 3.1m flowed into Taiwan equities on Thursday, with the 5-day average now $226m vs the 20-day average at $250m
- Indonesian again saw outflows marking the 4th of 5 day of negative flow, BI Deputy Gov said they wont be cutting rates yet due to high global uncertainty and rupiah volatility. The 5-day average is -$47m, while the 20-day is at $38m.
- Thailand saw their largest outflow since Jan 17th of $21m of -$120m, while markets were 0.80% lower. Current account Balance swung to a deficit on high gold imports, while factory output contracts fell for a 16th straight month. The 5-day average is now -$24m, while the 20-day is at $4.1m.
Table 1: EM Asia Equity Flows
Yesterday | Past 5 Trading Days | 2024 To Date | |
China (Yuan bn)* | 16.6 | 28.8 | 46.2 |
South Korea (USDmn) | 184 | 800 | 8373 |
Taiwan (USDmn) | 3 | 1134 | 4805 |
India (USDmn)** | -167 | 214 | -3164 |
Indonesia (USDmn) | -41 | -236 | 1180 |
Thailand (USDmn) | -121 | -123 | -788 |
Malaysia (USDmn) ** | -56 | 21 | 456 |
Philippines (USDmn) | 8 | 11.4 | 208 |
Total (Ex China USDmn) | -190 | 1822 | 11071 |
* Northbound Stock Connect Flows | |||
** Data Up To Feb 28 |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.