Equity Flow Momentum Is Negative As Market See A Week Of Net Selling

• China equities marked four of the past five days of outflows on Thursday markets for a total outflow of 7.5b yuan. Equities were little changed on Thursday as the stock rally seems to have stalled, the CSI300 continues to struggle to really test the 200-day EMA level at now at 3588, the index has traded sideways since mid to late Feb when we broke above the 3,400. Flow momentum is turning negative with the 5-day average now -1.51b, 20-day average at -0.89b and the longer term 100-day average now 0.39B yuan.
• Taiwan equities have marked the sixth straight day of foreign investors selling for a total of $3.6b. TSMC released results yesterday, beating estimates, however lowered chip market outlook and consumer weakness persists. The 5-day average is now -$673m, vs the 20-day at -$295m well below the longer-term trend of $105m, although the longer term trend is quickly losing momentum.
• South Korea equities were the only market in the region to see inflows on Thursday, while equities surged higher. The moves was linked to the weakening KRW, with investors looking to take advantage of the move lower in the currency and also could have been positioning for TSMC results, most of the flows were into semiconductor, AI and other tech related stocks. The Kospi is off 5.12% from recent highs recovering after being down as much as 7.10%, and has bounced right off the 200-day EMA, while the 14-day RSI is edging higher now at 42 after earlier trading at 30. The 5-day average is now -$14m, the 20-day average to $287m and the 100-day average to $182m.
• Philippines equities continue to see outflows with $11m leaving the market on Wednesday, making it 10 straight days of outflows for a total of $107m. Equity prices have rebounded over the past 2-days up 1.13% to 6,523 on Thursday, focus will now remain on whether the PSEi can break back above the 200-day EMA at 6,574. The 5-day average is -$11m, the 20-day average is -$5.94m, while the $1.21m.
• Indonesia had a $44m outflow on Wednesday taking it to a 12-day streak of net selling by foreign investors for a total of $933m. The JCI bounced off the 200-day EMA on Tuesday and has since recovered 1.45%, after falling 5.20% from recent highs. The 5-day average is now -$98m, the 20-day average is -$16m, while the longer term 100-day average is still positive at $14.8m.
• Malaysian equities have now marked 7 straight days of selling by foreign investors, for a total of $350m. Equity markets are holding up better than most in the region, with the Bursa now trading back above the 20, 50, 100 & 200-day EMAs while the 14-day RSI has ticked back above 50, indicating bulls are back in control. The 5-day average is -$28, 20-day average is -$61m while the 100-day average is -$4.1m.

Table 1: EM Asia Equity Flows