Asian Equity Flows Mixed, Tech See Inflows

• China equities were lower on Tuesday, as focus turned to HK markets after they returned from a two-session break. Flows via northbound connect were negative with 1.6b yuan leaving the market. There was little in the way of economic data, while country garden home sales tumbled 83% for march, following an 85% fall in Feb in more troubling signs for the property market. The 5-day average is now 0.75b, 20-day average sits at 1.28b yuan.
• South Korean equities have now marked 10 straight days of net foreign investor buying, in signs that investors believe the "Korea discount" will start to close. SK CPI beat expectations slightly coming in at 3.1% y/y vs 3.0% expected. The 5-day average is now $346m, well above both the 20-day average at $194m and the 100-day average at $185m.
• Taiwan equities again made fresh all-time highs, with the Taiex now up 14.14% for the year as semiconductor names pull the market up, while the past two sessions have seen net inflows by foreign investors, the recent trend has been negative, with foreign investors sellers of Taiwanese equities this has aligned with Government officials continued warnings to investors about the stretched valuations in the market. The 5-day average is -144m, 20-day average is -$61m, while the longer-term average still sits at $191m.
• Indonesian equities were higher on Tuesday, while foreign investors continued their recent trend of selling equities marking the 6th session in the row of net selling. Tuesday marked the highest net selling since Sept 2023, while the 5-day average is now -$62m, the 20-day is $15m.

Table 1: EM Asia Equity Flows