Asian Equity Flows Turn Negative A Tech Stocks Weaken

• South Korean equity markets were lower on Thursday, with both the Kospi & Kosdaq both down around 1.50% for the second straight session. Tech and Semiconductor names were the worst performing and saw the largest outflow and we saw an total outflow of $537 for the day which takes the 5 day net outflow of $1.5b. The 5-day average is now -$303m, well below the 20-day average of $12m, and w longer term 100-day average at $138m.
• Taiwan equities were lower on Thursday and we saw a $930m outflow marking the largest outflow since Apr 19th, the past 5 sessions has seen an outflow of $2.1b. GDP was released late Thursday which came in above estimates at 6.56%. The 5-day average is now -$416m, well below both the 20-day average at $212m and the 100-day average is $60m.
• Thailand equities were lower on Thursday, the SET briefly traded below support at 1,350, before closing at 1,351.5. 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 $231m. The 5-day average is now -$46m, below both the 20-day average at -$15m and the 100-day average at -$21m
• Indonesian equities have seen 6 straight sessions of selling from foreign investors, with the past 5 session seeing a net outflow of $328m. The JCI briefly made new ytd lows after breaching the 7,000 mark, before recovering to close just above there. The 5-day average is now -$65m, below both the 20-day average at -$49m and the 100-day average at $2m.
• Philippines equities also continue to see selling from foreign investors, we have now marked 4 straight days of selling and the past 5 trading sessions have seen a total outflow of $45m. The PSEi broke below YTD and the 6,400 level we had been above since late December and unlike Indonesian equities were unable to close back above. The 5-day average is -$9m, below the 20-day average at -$4m and the 100-day average at -$3.5m.
• Indian equities were down almost 1% on Thursday. Equity flows have been negative over the past couple of weeks, although the past 5 trading sessions saw an net inflow of $18m. The 5-day average is $83m,below the 20-day average at -$146m, although above the longer term 100-day average of $18m.
• Malaysian equities were little changed on Thursday and hover just above the 20-day EMA. Equity flow momentum has negative recently except for a single day on the 23rd where we saw a large $100m inflow, the past 5 session have saw a net outflow of $57m. The 5-day average now -$11m, below the 20-day average at $23m but in line with the longer term 100-day average at -$0.50m.

Table 1: EM Asia Equity Flows