Asian Equity Flows Mixed, Tech Focus Inflows Slow

• South Korea: South Korea saw an outflow of $12m yesterday, local equities have still recorded a net inflow of $849m over the past five trading days, although the inflows were linked to just a single day with the last 4 sessions have seeing outflows in a sign momentum could be about to turn after equities prices have rebounded sharply recently. The 5-day average inflow is $170m, the 20-day average shows an outflow of $42m, and the 100-day average inflow is $64m. Year-to-date, South Korea has accumulated substantial inflows totaling $17.91b.
• Taiwan: Taiwan recorded an inflow of $95m yesterday, contributing to a net inflow of $1.888b over the past five trading days, although the market has erased the sell-off from Aug 2nd & 5th we still have a net outflow since then of $1.5b, similar to South Korea flows over the past four sessions have seen a slight change in momentum. The 5-day average inflow is $378m, while the 20-day average shows an outflow of $250m, and the 100-day average reflects an outflow of $136m. Year-to-date, Taiwan has experienced outflows totaling $7.852b.
• India: India saw an outflow of $51m yesterday, leading to a net inflow of $80m over the past five trading days, flows recently have been negative with the past 20 days only seeing 5 days of inflows. The 5-day average shows a small inflow of $16m, compared to a 20-day average outflow of $150m and a near breakeven at a 100-day average inflow of $2m. Year-to-date, India has seen inflows totaling $1.874b.
• Indonesia: Indonesian equities recorded an inflow of $80m yesterday, this has led to a net inflow of $392m over the past five trading days and now marked 12 straight session of inflows. The 5-day average inflow is $78m, with a 20-day average inflow of $40m and a 100-day average outflow of $10m. Year-to-date, Indonesia has accumulated inflows totaling $668m.
• Thailand: Thailand experienced an outflow of $25m yesterday, resulting in a net outflow of $245m over the past five trading days. Monday saw the largest outflow since March, investors look to be benefitting from the strong rally in the THB after it traded to it's strongest level for the year, foreign investors have also been heavily selling Thai bonds. The 5-day average outflow is $49m, while the 20-day average shows an outflow of $14m, and the 100-day average reflects an outflow of $16m. Year-to-date, Thailand has experienced outflows amounting to $3.566b.
• Malaysia: Malaysia saw an inflow of $67m yesterday, contributing to a net inflow of $386m over the past five trading days, Aug 19th saw the largest inflow in seven years. The 5-day average inflow is $77m, while the 20-day average shows a modest inflow of $13m, and the 100-day average reflects a small inflow of $4m. Year-to-date, Malaysia has seen inflows totaling $350m.
• Philippines: The Philippines recorded an inflow of $41m yesterday, leading to a net inflow of $124m over the past five trading days. The region has now marked 11 straight days of inflows, and has seen the third and forth largest inflow days for the year the past week. The 5-day average inflow is $25m, aligning with the 20-day average inflow of $4m, but there is a 100-day average outflow of $6m. Year-to-date, the Philippines has experienced outflows totaling $362m.

Table 1: EM Asia Equity Flows