Asian Equity Inflows Mixed On Tuesday As Markets Watch NPC Meeting

• China equities significantly out-performed HK equities on Tuesday, ETFs saw a surge in turnover with large cap out-performing smaller cap and growth stocks in a sign that the "National Team" was busy at work supporting the market, although it's important to note during day one of the NPC meeting it was mentioned that China will look to support growth in more stable and lower risk companies over higher risker companies, which could have helped the out-performance. China equities saw 1.53B Yuan of inflows, taking the 5-day average to 1.42m, while the 20-day average sits at 2.76b yuan.
• South Korean equities were lower on Tuesday, with inflows of just $12m. SK had GDP data out which was in line with expectations at 2.2%. Technology shares in the region were dragged lower after investors were worried about growth challenges in China after NPC meeting mentioned only modest fiscal support measures for the economy, while doubt has been raised around the breakthrough made by researchers behind LK-99 who have claimed to have synthesized a new material showing superconducting behaviour at room temperature. GDP data was out earlier and was in line with expectations, . The 5-day average is $285m, while the 20-day average sits at $299m.
• Taiwan equities edged higher following global semiconductor indices higher, while $238m of equity inflows hit the market, although this number was well down on the day prior. The 5-day average now sits at $242m, while the 20-day average sits at $270m.
• Indonesian equities continue to see outflows now marking 8 of the past 9 days of outflows. The JCI has been trading sideways since mid Feb and broke below resistance of 7250 on Tuesday to finish the day at 7247. The 5-day average now sits at -$27m vs the 20-day average at +$24m.
• Thailand equities also continue to see outflows with another -$81m leaving, Top Thai Government Aid has called for a rate cut to help spur growth, the SET is one of the worst performing equity markets in the region as struggles with growth. the 5-day average is -44m, vs the 20-day average of -$8m.

Table 1: EM Asia Equity Flows