Asian Equity Flows Turn Negative

• South Korean equity markets were mixed on Friday with both the Kospi unchanged and the Kosdaq up almost 1%. Equity flow momentum has turned negative over the short term, the past 5 trading sessions have seen a total outflow of $2.07b. The Kospi closed the week below the 100-day EMA, while the Kosdaq trades below all moving averages. The 5-day average is now -$414m, well below the 20-day average of -$33m, while the longer term 100-day average at $131m.
• Taiwan equities were lower on Friday and we saw a another day of more than $1b in selling from foreign investors, the past 5 sessions has seen an outflow of $3.48b. The 5-day average is now -$695m, well below both the 20-day average at $139m and the 100-day average is $37m.
• Thailand equities were lower on Thursday, the SET has closed below 1.350 and now eyes lows from Apr 19th, outflows were also the largest since Apr 19th. Equity flows have been negative over the short-term, we have marked 8 straight days of selling, with the past 5 trading sessions netting a total outflow of $320m. The 5-day average is now -$64m, below both the 20-day average at -$22m and the 100-day average at -$23m
• Indonesian equities have seen 7 straight sessions of selling from foreign investors, with the past 5 session seeing a net outflow of $297m. The JCI closed the week below the 7,000 level and made new ytd lows. The 5-day average is now -$59m, below both the 20-day average at -$43m and the 100-day average at -$0.5m.
• Philippines equities also continue to see selling from foreign investors, we have now marked 5 straight days of selling for a total outflow of $137m. The PSEi did however trade higher on Friday, after Thursday closed below 6,400 a level that had acted as support. The 5-day average is -$27.6m, below the 20-day average at -$7.5m and the 100-day average at -$4.4m.
• Indian equities were a touch higher of Friday, bouncing off the 50-day EMA. Equity flows have been negative over the past couple of weeks, with the past 5 session seeing an outflow of $424m. The 5-day average is -$84m, slightly above the 20-day average at -$153m, although below the longer term 100-day average of $15m.
• Malaysian equities were slightly lower on Friday, and closed the week below the 20-day EMA. The past 5 trading sessions have seen consistent selling from foreign investors for a total outflow of $176m. The 5-day average now -$35m, below both the 20-day average at $21m and longer term 100-day average at -$0.56m.

Table 1: EM Asia Equity Flows