Asian Tech Stocks Continue To See Inflow

• South Korean equities were higher on Wednesday (Kospi up 1.21%, Kosdaq up 0.26%). Flows were slightly below the recent run rate, at just $273m on Wednesday, the past 5 sessions have netted a total inflow of $2.3b. The Kospi hit new cycle highs on Wednesday and now trades back above 2,800. The 5-day average is $460m, above both the 20 day average of $77m and the longer-term 100-day average at $152m.
• Taiwan equities were higher on Wednesday with another strong inflow of $1.39b, the largest inflow since 16th May. The Taiex continues to make new all time highs and is now up 4.74% for the week, with the majority of gains coming from TSMC. The past 5 session's have seen a total inflow of $3.9b with the 5-day average now $786m, above both the 20-day average at $93m, while the 100-day average is $60m.
• Thailand equities were slightly higher again on Wednesday, however the two consecutive days of inflows has not stemmed the flow of outflows with foreign investors now marking 20 straight sessions of selling for a total of $1.07b, with $268m of that coming in the past 5 sessions. The 5-day average is now -$54m, below both the 20-day average at -$53.5m and the 100-day average at -$24m.
• Philippines equities were little changed on Wednesday and holds near ytd lows. Foreign investors have been better sellers of equities recently, the past 5 sessions have seen a net outflow of $34m. The 5-day average is now -$6.75m, slightly above the 20-day average at -$10.5m, but inline with the long term average at -$5.60
• Indonesian equities were slightly lower on Wednesday and make new ytd lows with the JCI tapping 6,700. Foreign investors have been better sellers of stocks recently apart from a decent inflow on the 13th, otherwise it has been 17 of the past 18 days of selling. the past 5 sessions have seen an inflow of $31
• m. The 5-day average is now $6.18m, 20-day average is -$23m, while the 100-day average is -$5m.

Table 1: EM Asia Equity Flows