Asian Equity Flows Positive, As Investors Buy Tech Names

• South Korean equity markets were little changed on Wednesday after initially opening lower and testing the 20-day EMA. We ended a three day steak of foreign investors selling local stock, with the majority of flows heading into transport equipment names, the past 5 sessions have seen a total inflow of $145m. Nvidia's positive earnings should help with flows today, although we also have BOK rate decision later today. The 5-day average is now just $29m, below the 20-day average of $77m, and well down on the longer term 100-day average at $170m.
• Taiwan equities surged higher on Wednesday, as investors bought up Nvidia related stocks in particular supplier TSMC. Foreign investors bought $1.10b of equities, with the past 5 session seeing a total inflow of $2.58b. This week the focus will be on the unemployment rate and Industrial Production. The 5-day average now sits at $516m, well above the 20-day average at $364m and the 100-day average at $87m.
• Indian equities were higher again on Wednesday, although foreign investors continue selling stocks, we have had just one of the past 13 session of inflows. This week, we have HSBC India PMI data due out. The 5-day average is now -$123m, below both the 20-day average at -$192m and the 100-day average at $21.02m.
• Indonesian equities were higher on Wednesday, and bounced right off the 20 & 100-day EMA's, the selling from foreign investors is back with another $34m outflow, taking the past 5 session to just $0.5m, Indonesia is out for the remainder of the week. The 5-day average now $5m and now above the 20-day average at -$42m while the 100-day average is still positive at $5.35m.
• Philippines equities were lower on Tuesday, equity flow momentum has been mixed recently we have seen a net outflow of $9.85m over the past 5-days. This week the calendar is light with just the Budget Balance on Thursday. The 5-day average is $0.1m, above the 20-day average at -$42m, while slightly below the 100-day average of $5m
• Malaysian equities were lower on Wednesday, although just off all-time-highs. Flows over the past week have been positive, although there was a small outflows on Tuesday for a total inflow of $176m. This week we have Foreign Reserves and CPI. The 5-day average now $35m, now above the 20-day average at $33m and well above the longer term 100-day average at $0.65m.

Table 1: EM Asia Equity Flows