Equities Mostly Recover From Aug 5, Flows Yet To Fully Return After Sell-Off

• South Korea: South Korean was out Thursday for a Public holiday, however over the past 5 trading sessions we saw a net outflow of $220m. Both the KOSPI & KOSDAQ still trade slightly below pre Aug 2nd levels, although the KOSDAQ is slightly outperforming, there is still net outflows of $1.6b since August 5nth. The 5-day average outflow is $44m, compared to the 20-day average outflow of $117m and the 100-day average inflow of $85m. Year-to-date, South Korea has had substantial inflows totaling $17.061b.
• Taiwan: Taiwan recorded an inflow of $445m yesterday, with a net inflow of $2.252b over the past five trading days. The Taiex has recovered all losses made on August 5th, although we still have net outflows of $3.45b since then. The 5-day average inflow is $450m, compared to the 20-day average outflow of $570m and the 100-day average outflow of $157m. Year-to-date, Taiwan has experienced outflows totaling $9.740b.
• India: Indian equities saw an outflow of $169m yesterday, with a net outflow of $919m over the past five trading days. The Nifty 50 has been one of the worst performing benchmark indices post August 5th only recovering 1%, while outflows have increased. The 5-day average outflow is $184m, compared to the 20-day average outflow of $63m and the 100-day average inflow of $18m. Year-to-date, India has seen inflows totaling $1.793b.
• Indonesia: Indonesian equities recorded an inflow of $40m yesterday, resulting in a net inflow of $167m over the past five trading days and has mark 7 straight session of inflows, the JCI has been one of the top performers and now trades 1.45% August 5th highs. The 5-day average inflow is $33m, compared to the 20-day average inflow of $20m and the 100-day average outflow of $8m. Year-to-date, Indonesia has had inflows totaling $277m.
• Thailand: Thai equities saw an outflow of $15m yesterday, leading to a net outflow of $10m over the past five trading days. Flows have been mixed into the SET recently, with no real trend emerging, the index has also struggled to recover from the August 5th sell-off and only trades 1.25% off the lows. The 5-day average outflow is $2m, compared to the 20-day average inflow of $2m and the 100-day average outflow of $24m. Year-to-date, Thailand has experienced outflows amounting to $3.321b.
• Malaysia: Malaysian equities had an inflow of $6m yesterday, resulting in a 5-day net outflow of $27m. The Malay KLCI has fully recovered from the August 5th sell-off. The 5-day average outflow is $5m, which is worse than the 20-day average outflow of $9m and in line with the 100-day average outflow of $0m. Year-to-date, Malaysia has experienced outflows totaling $36m.
• Philippines: The Philippines recorded no inflow or outflow yesterday, with a net inflow of $15m over the past five trading days, flows recently have been very muted, the PSEi has recovered from the August 5 sell-off while the BSP cut rates late yesterday. The 5-day average inflow is $3m, compared to the 20-day average inflow of $1m and the 100-day average outflow of $7m. Year-to-date, the Philippines has seen outflows totaling $486m.

Table 1: EM Asia Equity Flows