Asian Equity Flows Turn Negative As Tech Falls, China The Exception

• China equities closed Monday higher helped by higher than expected CPI data, while China Vanke depositing money to repay a bond due this week helped push the property sector higher. The 5-day average is now 2.84b, inline with the 20-day average at 2.87b
• South Korean equities stocks were lower after semiconductor names fell on worries about Nvidia's lofty valuations, the stock is down close to 10% over the past two days. SK saw net flows of -141m on Monday, taking the 5-day average to -90m, while the 20-day average sits in positive territory at $165m
• Taiwan equities fell on Monday, largely due to global semiconductor equity prices falling, while Taiwan also saw equity outflows. The Philadelphia semiconductor Index fell 1.36^ overnight, so it would be expected outflows to continue today. Taiwan Equities 5-day average at $431m still sits above the 20-day average at $348m
• Thailand equities were lower on Monday and again saw foreign equity outflows now at 9 of the past 11 days. It is important to note that the SET has bounced off the yearly lows marking the third fail attempt to break below 1350. The 5-day average is now -$24m while the 20-days is at -$8m

Table 1: EM Asia Equity Flows