Asian Equity Flows

• China equities saw their third largest northbound inflow for the year, and forth highest since July 2023, with little in the way of market headlines investors may be looking to get back into the market after two recently quiet days. The 5-day average is ticking higher sitting at 5.6b now, while the 20-day is at 2.93b yuan.
• South Korean equity flow momentum is slowing quickly, investors had looked to take profit prior to US data releases the second half on the week, while announcement around closing the "Korea discount" through the "Value-up" program have failed to live up to expectations. In economic data, SK saw an increase of 2% in tech exports largely due to higher sales to the US. The 5-day average is now $39.3m vs $171m a week prior, while the 20-day average now sits at $286m
• Taiwan equities saw a $446m outflow yesterday, as investors looked to book profits after opening the day at fresh all-time highs and ahead of US data later today and Thursday, similar to others in the region inflows are slowing with the 5-day average now $132m vs the 20-day at $331m
• Indonesian equities have marked their forth day of outflows, although markets have remained largely flat for that period, outflows look to be largely focused coming from the communication sector. The 5-day average now sits at -$41.5m vs the 20-day at +$39m
• Thailand Equities also saw consecutive days of outflows, economists have cut GDP exception to 2.90% vs 3.5% prior, while foreign arrivals rose 48% YoY. 5-day average of $30.2m still holds well above the 20-day average of just $5.8m

Table 1: EM Asia Equity Flows