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Asian Equity Flows Mixed, Trend Remains Negative

ASIA STOCKS
  • China equities flows continue to see-saw, with a 3b yuan outflow on Tuesday, equity markets were lower with the CSI300 continuing its rangebound trading, with the 200-day acting as resistance, while we trade on the 50 & 100-day EMA at the moment. Flow momentum remains negative with the 5-day average now -2.72b, 20-day average at -1.37b and the longer term 100-day average now 0.32B yuan.
  • Taiwan equities ended their run of 8 straight days of selling with a $143m inflow, as equity markets ticked higher, although still well below the levels prior to the Friday plummet. The local market maybe helped higher today after US semiconductor names rallied overnight and Texas Instruments gave a strong revenue forecast after the market closed, the Philadelphia Semiconductor Index finished up 2.21%. The 5-day average is now -$780m, vs the 20-day at -$432m, while the 100-day average is now just $58m.
  • South Korea equities saw a small outflow compared to prior days; however, we have now marked seven of the past six trading days of net outflows. The Kospi closed 0.24% lower on Tuesday and now hovers just on the 100-day EMA, which looks to be acting as support for the moment, the market should be supported by strong performance in the semiconductor space during the US session overnight. The 5-day average is now -$139m, the 20-day average to $117m and the 100-day average to $171m.
  • Philippines equities continue to see outflows with $8.85m leaving the market on Tuesday making it 13 straight days of outflows for a total of $141m. The PSEi was 0.97% higher on Tuesday, although this wasn't enough to test the 200-day EMA. The 5-day average is -$10.5m, the 20-day average is -$8.10m, while the 100-day average continues to edge lower now at $0.8m.
  • Indonesia had a $7.9m outflow on Tuesday making it a 15-day streak of net selling by foreign investors for a total of $1.05b. The JCI was 0.52% higher on Tuesday, managing to trade back above the 200-day EMA and now sit 4.54% off recent highs. The 5-day average is now -$38m, the 20-day average is -$45m, while the longer term 100-day average is still positive at $14.2m.
Table 1: EM Asia Equity Flows
YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*-3.0-13.644.6
South Korea (USDmn)-53-69813112
Taiwan (USDmn) 144-3904-2058
India (USDmn)**-314-1498228
Indonesia (USDmn) -8-190760
Thailand (USDmn)60-215-1881
Malaysia (USDmn) **24-198-645
Philippines (USDmn) -9-53.943
Total (Ex China USDmn)-156-67579559
* Northbound Stock Connect Flows
** Data Up To Apr 19th
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