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Equity Flow Momentum Remains Negative As Rates & USD Head Higher

ASIA STOCKS
  • China equities saw an inflow on Monday, while equities markets were lower, the CSI300 remains within recent ranges after testing 3,600 and the 200-day EMA on Thursday. Flow momentum remains negative with the 5-day average now -2.68b, 20-day average at -1.28b and the longer term 100-day average now 0.33B yuan.
  • Taiwan equities have marked the eighth straight day as foreign investors sell a total of $6.89b for that period, while equity markets were unable to rebound after they plummeted on Friday closing down 0.59% on Monday. Equity flow momentum has quickly changed in Taiwan, with the market seemingly fallen out of love with tech stocks recently as higher rates and inflated values hurt sentiment in the sector, the 5-day average is now -$1.07b, vs the 20-day at -$432m, while the 100-day average is now just $59.5m.
  • South Korea equities saw their largest outflow in a month as $597m left the market and marked six of the past seven trading days of net outflows. The Kospi was off 8.13% at its worst on Friday, testing the 200-day EMA and hitting an 14-day RSI of 30, before rebounding about 3% and trading back through the 100-day EMA. The 5-day average is now -$190m, the 20-day average to $125m and the 100-day average to $171m.
  • Philippines equities continue to see outflows with $13.8m leaving the market on Friday making it 12 straight days of outflows for a total of $132m. The PSEi was unchanged on Monday, and has now consolidated below the 200-day EMA. The 5-day average is -$13.5m, the 20-day average is -$7.40m, while the 100-day average continues to edge lower now at $1m.
  • Indonesia had a $56m outflow on Friday taking it to a 14-day streak of net selling by foreign investors for a total of $1.04b. The JCI was 0.19% lower on Monday and has consolidated below the 200-day EMA and now off 5.11% from recent cycle highs. The 5-day average is now -$66m, the 20-day average is -$50m, while the longer term 100-day average is still positive at $14.2m.

Table 1: EM Asia Equity Flows

YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*1.4-13.447.6
South Korea (USDmn)-598-95013165
Taiwan (USDmn) -480-5383-2202
India (USDmn)**93-2137542
Indonesia (USDmn) -57-334768
Thailand (USDmn)10-325-1941
Malaysia (USDmn) **-61-333-669
Philippines (USDmn) -14-65.952
Total (Ex China USDmn)-1107-95289714
* Northbound Stock Connect Flows
** Data Up To Apr 19th
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