Asian Equity Inflows Pick Up Led By Tech, Indonesia Struggles

• China equities have followed up on their largest northbound inflow on Friday with another double digit (11b yuan) inflow on Monday. Equity markets were higher, the CSI300 has broken and held above the 200-day EMA first the first time since early August. MNI wrote earlier this morning on China connect flows (See here) . Flow momentum is now positive across all moving averages with the 5-day average now 7.6b, 20-day average at 0.49b and the longer term 100-day average now 0.75B yuan.
• Taiwan equities have bounced off recent lows and now trade back above all major moving averages, there was a $1.1b inflow on Monday with the last 5 trading days seeing a total inflow of $2.1b. This week we have GDP later today and PMI on Thursday. The 5-day average is now $413m, the 20-day at -$251m, while the 100-day average is now $64m.
• South Korean equity flows have been mixed over the short to medium term, Monday saw a $350m inflow, while the Kospi was up about 1.20% and is now comfortably above all moving averages. The 5-day average is now $137m, the 20-day average to $83m and the 100-day average to $176m.
• Philippines equities have now marked three straight days of inflows and the largest day since Feb 7th, the past three days we have seen a total inflow of $27m. The PSEi has surged 5.70% from lows made on Feb 19th. The 5-day average is -$9.7m, the 20-day average is -$9.1m, while the 100-day average continues to edge lower now at $0.45m.
• Indonesian equities have now marked 18 of 19 days of outflows, with the single inflow just $400k. Monday saw an outflow, although in a positive note it was smaller than than the recent average, of just $24m, this now takes the total flows from the past 19-days to $1.28B. The 5-day average is now -$49m, the 20-day average is -$63m, while the longer term 100-day average is $11m.
• Thailand's SET continues to struggle to make any meaningful move higher with the index still trading below all 20, 50, 100 & 200-day EMA's, flows over the past three days have been positive, although medium to long term have showed no real direction. The 5-day average is $17.9m, 20-day average is $3.6m, while the longer term 200-day average is -$20.5m.

Table 1: EM Asia Equity Flows