Asian Equity Flows

• China equities inflows are tracking along steady the 5-day average sit inline with the 20-day average at around 2.1b yuan above the longer term 200-day average of -0.633b. On the CSI300 climbed for 9 straight day marking the longest rally since 2018.
• South Korean equities saw positive inflows again post Nvidia earnings, but well off the level Taiwan saw. The 5-day average is now $148m vs $305m a week ago, while the 20-day average hovers around $300, signally investors may be looking to take profit after such strong recent performance. SK Finance minister is speaking this morning about the "Value Up" program.
• Taiwan equities saw a large inflow on Friday, largely due to flows into the semiconductor space.
• Indonesian equities saw their 2nd day in a row of outflows, and the largest day since 26 Jan. There has been little in the way of catalyst, although the JCI for the third time this month fail above the 7350, and now trade back toward the lower ranges for the past two weeks. Goldman has upgraded Indonesian equities due to reduced political uncertainty.
• Indian equities saw an outflow on Friday, this could just be profit taking as equities hit new all time highs. Momentum is still strong as the 5-day average still sits well above the 20-day at $108m vs -$41.
• Thailand equities saw -$54 in outflows on Friday as trade balance data missed, while a delay in cut rate expectations from the Fed have seen to be weighing on stocks. Thai equities still have positive equity flow momentum with the 5-day average hovering around $50m vs the 20-day at $9m

Table 1: EM Asia Equity Flows