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Asian Equity Flows Mixed, Momentum Remains Negative

ASIA STOCKS
  • China equity flows continue to see-saw, with a 0.34b yuan inflow on Thursday, equity markets were slightly higher, the CSI300 continues its rangebound trading, with the 200-day acting as resistance, while we trade on the 50 & 100-day EMA act as support. Flow momentum remains negative with the 5-day average now -0.62b, 20-day average at -0.66b and the longer term 100-day average now 0.32B yuan.
  • Taiwan equities flows were again negative on Thursday while the market sold off over 1% erasing most of the prior days move higher, with US GDP the driver of the move lower. The 5-day average is now -$578m, vs the 20-day at -$392m, while the 100-day average is now just $48m.
  • South Korean equity flows were again negative on Thursday as investors worried about US GDP, the Kospi was down 1.76% erasing the prior days move higher and trading back below the 20 & 50-day EMA. The 5-day average is now -$211m, the 20-day average to $83m and the 100-day average to $170m.
  • Philippines equities ended their 14-day run of outflows with a small 2.2m inflow on Thursday. The PSEi has bounced off the 6,400 level and now trades at the 200-day EMA. The 5-day average is -$12m, the 20-day average is -$9.5m, while the 100-day average continues to edge lower now at $0.38m.
  • Indonesian equities saw a tiny inflow on Wednesday, which ended a 15-day run of outflows, although the trend has now continued with another $79m outflow on Thursday, the market has now seen a net outflow of $1.12B over the past 17-days. The 5-day average is now -$39m, the 20-day average is -$52m, while the longer term 100-day average is still positive at $12.7m.
  • Thailand's SET has been one of the worst performing equity markets in the region over the past year, and has recently broken back below the 20, 50, 100 & 200-day EMA's and broke the 1,350 level which we had traded above since November 2020. The 5-day average is $0.87m, 20-day average is $4.29m, while the longer term 200-day average is -$20m
Table 1: EM Asia Equity Flows
YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*0.3-3.149.5
South Korea (USDmn)-385-105813214
Taiwan (USDmn) -877-2890-1879
India (USDmn)**507-627320
Indonesia (USDmn) -80-196681
Thailand (USDmn)494-1845
Malaysia (USDmn) **65-29-608
Philippines (USDmn) 2-64.113
Total (Ex China USDmn)-719-48609896
* Northbound Stock Connect Flows
** Data Up To Apr 24th
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