Asian Equity Flows Benefit From Nvidia Earnings

• South Korean equity markets were little changed on Thursday after initially opening lower and testing the 20-day EMA for the 2nd straight day. Flows over the past 5 session have been mixed, flows turned positive around Nvidia's sales forecast announcement with the past 5 sessions have seeing a total inflow of $107m. The 5-day average is now just $21m, below the 20-day average of $122m, and well down on the longer term 100-day average at $172m.
• Taiwan equities were a touch higher on Thursday, outperforming other regional markets, as investors bought up Nvidia related stocks in particular supplier TSMC. Foreign investors bought $550m of equities, with the past 5 session seeing a total inflow of $1.4b. Industrial Production was higher than consensus at 14.61% vs 11.25%. The 5-day average now sits at $279m, below the 20-day average at $338m however both are well above the longer term 100-day average at $93m.
• Thailand equities were lower on Thursday, are the SET is now trading below all moving averages, flows over the past 5 session have been mixed with a total inflow of just $10m. Later today we have Gross International Reserves. The 5-day average is now $2m, slightly above the 20-day average at $0.2m and the 100-day average at -$20m.
• Indian equities were higher again on Thursday, making new all time highs. Equity flows have been negative recently, with just a single positive day over the past 13 sessions for a total outflow of $620m for the past 5 sessions. The 5-day average is now -$123m, below both the 20-day average at -$192m and the 100-day average at $21.02m.
• Philippines equities were higher on Thursday equity flow momentum has been mixed recently we have seen a net outflow of $11.10m over the past 5 sessions. The 5-day average is -$2.3m, above the 20-day average at -$14m, while slightly below the 100-day average of -$2.8m
• Malaysian equities were higher on Thursday, and made new all-time-highs. Flows over the past week have been positive, although Tuesday saw a small outflow of $5.6m. Today we have CPI, consensus is at 1.9%, a touch higher than 1.8% in March. The 5-day average now $35m, now above the 20-day average at $33m and well above the longer term 100-day average at $0.65m.

Table 1: EM Asia Equity Flows