Asian Equities Higher, As Inflows Increase

• South Korea: South Korean equities saw inflows of $441m yesterday, contributing to a net inflow of $2.4b over the past five trading days. We have marked seven straight sessions of inflows, with tech stocks seeing the majority of those flows, the Kospi is up 2.78% over the past week while the Kosdaq is 1.81% higher. The 5-day average inflow is $481m, higher than the 20-day average of $213m and the 100-day average of $132m. Year-to-date, South Korea has experienced substantial inflows totaling $19.85b.
• Taiwan: Taiwanese equities had inflows of $61m yesterday, resulting in a net outflow of $909m over the past five trading days. Taiwan ended a 3-day run of outflows on Thursday with the 5-day average outflow currently -$182m, compared to the 20-day average inflow of $19m and the 100-day average outflow of -$8m. Year-to-date, Taiwan has accumulated inflows of $3.66b.
• India: Indian equities experienced inflows of $262m yesterday, contributing to a net inflow of $1.5b over the past five trading days. Recently, Indian equity flows have shown significant volatility, with large inflows and outflows, but have generally been positive since the election. The 5-day average inflow is $301m, higher than the 20-day average of $288m and the 100-day average outflow of $-33m. Year-to-date, India has seen net inflows of $1.96b.
• Indonesia: Indonesian equities recorded inflows of $37m yesterday, resulting in a net inflow of $54m over the past five trading days. Recently, Indonesian equity flows have shown a mixed but generally negative trend, with significant outflows towards the end of June, which could have been link to month end profit taking, the overall pattern suggests persistent investor caution although the JCI is 9% off cycle lows. The 5-day average outflow is -$11m, close to the 20-day average inflow of $16m and the 100-day average outflow of -$6m. Year-to-date, Indonesia has experienced outflows totaling -$246m.
• Thailand: Thai equities saw outflows of -$16m yesterday, resulting in a net outflow of -$41m over the past five trading days. Thailand's equity flows have exhibited a predominantly negative trend, with consistent outflows observed over several weeks, indicating sustained investor caution and reduced confidence in the market. The SET is up 3% over the past week with tech stocks the largest contributor. The 5-day average outflow is -$8m, close to the 20-day average outflow of -$33m and the 100-day average outflow of -$26m. Year-to-date, Thailand has seen significant outflows amounting to -$3.34b.
• Malaysia: Malaysian equities experienced inflows of $83m yesterday, contributing to a 5-day net inflow of $122m. Malaysia's equity flows have shown a mixed trend recently, with fluctuating flows. Notably, there was a significant downturn observed around mid-March to early April where the KLCI traded sideways. However, positive momentum has been seen in May and June, large inflows in May and June, suggesting renewed investor interest and confidence in the market. The 5-day average inflow is $24m, higher than the 20-day average inflow of $1m and the 100-day average outflow of $-2m. Year-to-date, Malaysia has experienced inflows totaling $13m.
• Philippines: Philippine equities saw inflows of $1m yesterday, with a 5-day net outflow of -$0.3m. Recent equity flows have shown volatility with notable fluctuations in daily movements. Overall, the market has exhibited mixed sentiment, reflecting both cautious investor behavior and occasional bursts of optimism amid global economic shifts. The 5-day average inflow is $0m, better than the 20-day average outflow of -$2m and the 100-day average outflow of -$7m. Year-to-date, the Philippines has seen outflows totaling -$523m.

Table 1: EM Asia Equity Flows