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Asian Equity Flows Mixed,Short Term Trend Negative,SK The Exception

ASIA STOCKS
  • China equity flows continue to see-saw, with a 2b yuan inflow on Thursday, taking the past 5 trading days to a net outflow of 6.4b. Equities closed mixed as China’s consumer prices barely increased from a year earlier and industrial prices continued to slump, underscoring the deflationary pressures that remain a key threat to the economy’s recovery. The 5-day average is -1.27b, below both the 20-day average of 1.22b and the 100-day average of 0.32b yuan.
  • Taiwan equities were mostly unchanged on Thursday, as the market looks to take a break. The Taiex is up 16% for the year, with most of those gains coming from AI linked stocks and in particular TSMC which has contributed to about 60% of the Taiex gains this year while Hon Hai accounted for 8% and Quanta Computers 2.5%. The countries Government officials have been continually warning investors about chasing equities prices higher. In the short-term Taiwan equity markets have seen the largest amount of selling from foreign investors in the region, which also coincides with when the warnings about equity prices being at stretched valuations from government officials started. The 5-day average is now -$173, the 20-day average is -$210m while the longer term 100-day average is still positive sitting at $164m.
  • South Korea opened trading on Thursday lower after returning from a public holiday on Wednesday, where the President suffered a lost in the parliamentary elections. The Kospi gapped lower on the open, down 1.60% and tapping the 50-day EMA before an impressive reversal as invested digested the election impact and viewed that the impact of a setback for the President party would be short-lived with the markets finishing the session up 0.07%. There was $758m in inflows from foreign investors, the largest since 21st March, while the 5-day average is now $271m, just below the 20-day average of $285m, both comfortably above the longer term 100-day average of $190m
    • Table 1: EM Asia Equity Flows
YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*2.0-6.460.2
South Korea (USDmn)759135914343
Taiwan (USDmn)-296-8674375
India (USDmn)**10239322290
Indonesia (USDmn) ****0-4881102
Thailand (USDmn) -50243-1666
Malaysia (USDmn) ***-23-113-292
Philippines (USDmn)-4-51.6133
Total (Ex China USDmn)1410101320285
* Northbound Stock Connect Flows
** Data Up To Apr 8th
*** Data Up To Apr 9th
**** Close for Public Holiday
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