Asian Equity Flows Pick Up As SK/Taiwan Benefit From Tech Surge

• China equities saw the 2nd day of outflows as investors position for the upcoming NPC that begins today, as China is set to announce its 2024 growth target and outline its strategy for supporting the slowing economy. Short-term momentum has been growing with the 5-day average at 3.55b vs the 20-day at 2.66b while the 100-day average remains negative at -0.43b yuan.
• South Korean equity surged higher on Monday after their break on Friday, investors seem to becoming more comfortable with the government's "Corporate Value-Up Program" where they will look to close the gap between Korean of Global equities known as the "Korea Discount". The 5-day average now sits at $300m vs $148 the week prior, while the 20-day average is $343m
• Taiwan equities saw an inflow of $1,15b on Monday, the third largest inflow for the year. Equities were up 1.95%, with flows into semiconductor names dominating flow. The 5-day average now sits at $228m vs the 20-day at $298m
• Indonesian equities continue to see foreign equity outflows, now at 7 out of the past 8 trading days of negative flows. The JCI has been rangebound since mid Feb unable to to break out of the 7250/7350 range. The 5-day average sits at -$32m while the 20-day average is $30m
• Thailand equities similar to Indonesia have see 5 of the past 6 days of negative flows, with the SET now trading close to 1 year lows. Top Government officials have been calling for cuts to be cut to spur growth, later today CPI data is due out expected to show a slight increase from prior month but still negative at -0.80%. The 5-day average continues to trend down at -$40m, while the 20-day is at -3.8m
• India equities continue to trend higher reaching new highs on Monday. Short term momentum is picking up with $261m on inflows on Friday, taking the 5-day average to $163m well above the 20-day average of $35m

Table 1: EM Asia Equity Flows