Asian Equity Flows Subdued As Investors Take Profit On Tech

• South Korea: South Korean equities saw outflows of $39m yesterday, contributing to a net inflow of $691m over the past five trading days. Markets were higher with the small cap Kosdaq out-performing, up 0.80% vs the Kospi which was up 0.23%. The 5-day average inflow is $138m, slightly lower than the 20-day average of $189m and higher than the 100-day average of $148m. Year-to-date, South Korea has experienced substantial inflows totaling $17.1b.
• Taiwan: Taiwanese equities had outflows of $320m yesterday, contributing to a net outflow of $906m over the past five trading days. The Taiex was up just 0.11% yesterday, and trades just off all-time highs. The 5-day average outflow is $181m, contrasting with the 20-day average inflow of $73m and the 100-day average inflow of $30m. Year-to-date, Taiwan has accumulated inflows of $4.1b.
• India: Indian equities experienced strong inflows of $186m yesterday, contributing to a 5-day total inflow of $1.7b. The nifty 50 has continued it's stellar run post elections and has been making new highs. The 5-day average inflow is $339m, higher than the 20-day average of $169m. The 100-day average shows a slight outflow of $25m. Year-to-date, India has seen inflows of $349m.
• Indonesia: Indonesian equities recorded inflows of $11m yesterday, with a net inflow of $44m over the past five trading days. The JCI is now up 6.58% from its lows made on June 19th. The 5-day average outflow is $9m, similar to the 20-day and 100-day averages of $4m and $9m, respectively. Year-to-date, Indonesia has experienced outflows totaling $416m.
• Thailand: Thai equities saw inflows of $9m yesterday, bringing the 5-day total to a net outflow of $200m. The local market ended a run of 27 straight sessions of selling from foreign investors on Monday, although the SET is looking under pressure again, after closing below 1,300 with the ytd lows now back in sight. The 5-day average outflow is $40m, close to the 20-day average of $47m and higher than the 100-day average outflow of $24m. Year-to-date, Thailand has seen significant outflows amounting to $3.2b.
• Malaysia: Malaysian equities experienced inflows of $28m Friday, contributing to a 5-day net outflow of $76m. The FTSE Malay was up 0.50% on Monday and is now testing the 20-day EMA, after breaking below it mid June. The 5-day average outflow is $28m, higher than the 20-day average outflow of $11m and the 100-day average outflow of $3m. Year-to-date, Malaysia has experienced outflows totaling $173m.
• Philippines: Philippine equities saw modest inflows of $2m yesterday, with a 5-day net inflow of $8.5m. The PSEi was lower on Monday, although is up about 4% from recent lows, we currently trade just on the 20-day EMA, with a break here opening up a retest of 6,200 and potentially the recent cycle lows. is The 5-day average is $2m, less than the 20-day average outflow of $10m and the 100-day average outflow of $6m. Year-to-date, the Philippines has seen outflows totaling $526m.

Table 1: EM Asia Equity Flows