Asian Equities See Inflows As Tech Stocks Find Support

• South Korea: South Korean equities saw inflows of $346m yesterday, and now sit on an inflow of $557m over the past five trading days. The KOSPI has had a strong week up 3.50%, inflows have been into Financials & Transport Names, while tech stocks saw only small inflows. The 5-day average inflow is $111m, compared to the 20-day average inflow of $63m and the 100-day average inflow of $103m. Year-to-date, South Korea has experienced substantial inflows totaling $18.714b.
• Taiwan: Foreign investors bought $895m in equities yesterday ending a heavy run of outflows, the past five trading days have resulted in an outflow of $3.431b. Thursday saw a strong rally in tech stocks which erased the weeks loses, although a sell-off in risk markets overnight saw the Philadelphia SE Semiconductor Index fell 7%, with TSMC falling 4.60%. The 5-day average outflow is $686m, higher than the 20-day average outflow of $471m and the 100-day average outflow of $128m. Year-to-date, Taiwan has experienced outflows totaling $6.285b.
• India: Indian equities saw outflows of $341m Wednesday, leading to a net outflow of $761m over the past five trading days, the trend of inflows looks to have come to an end now after 6 of the past 7 sessions have been outflows, the local market had seen strong inflows post the India election. The 5-day average outflow is $152m, compared to the 20-day average inflow of $185m and higher than the 100-day average outflow of $49m. Year-to-date, India has experienced inflows totaling $3.697b.
• Indonesia: Indonesian equities recorded inflows of $55m yesterday, leading to a net inflow of $164m over the past five trading days, it has been a muted month for Indonesian equities with the JCI stuck within a tight range of 7,200 - 7,350. The 5-day average is an outflow of $33m, below the 20-day average inflow of $17m and close to the 100-day average outflow of $14m. Year-to-date, Indonesia has experienced inflows totaling $39m.
• Thailand: Thai equities saw outflows of $6m yesterday, resulting in a net outflow of $5m over the past five trading days. The SET has seen a strong bounce after testing the yearly lows on July 25, the test now will be on whether it can break above 1,330 a level it fell below back in early June. The 5-day average outflow is $1m, better than the 20-day average inflow of $1m and the 100-day average outflow of $25m. Year-to-date, Thailand has seen significant outflows amounting to $3.284b.
• Malaysia: Malaysian equities experienced inflows of $2m yesterday, leading to a 5-day net inflow of $27m. The 5-day average inflow is $5m, lower than the 20-day average inflow of $11m and the 100-day average outflow of $2m. Year-to-date, Malaysia has experienced inflows totaling $112m.
• Philippines: The Philippines had a small outflow of $1m yesterday, resulting in a net outflow of $19m over the past five trading days. The 5-day average outflow is $4m, compared to the 20-day average inflow of $3m and the 100-day average outflow of $7m. Year-to-date, the Philippines has seen outflows totaling $468m.

Table 1: EM Asia Equity Flows