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Equity Flow Momentum Slows, As Foreign Investors Sell

ASIA STOCKS
  • China equities were closed on Friday
  • Taiwan equities were closed on Friday
  • South Korean were lower on Friday, higher rates were seen as the main driver while tensions in the middle east did little to push markets higher. Foreign investors sold $167m of equities, the largest amount since March 19th with most of the outflows coming from the semiconductor space. The 5-day average is now $228m, inline with the 20-day average at $226m still above the longer term 100-day average at $186m.
  • Thailand equities continues its directional trading, edging slightly lower and well within recent ranges. CPI was out on Friday afternoon, coming in at -0.47% vs -0.40% expected, markets didn't react to the data, while gross International Reserves were inline with the previous month at $223.4b vs $223.6b. There was $34.7m in net foreign investor buying on Friday. The 5-day average now $10.1m, the 20-day average is now -$49m, while the longer term 100-day average is -$21.5m.
  • Philippines equities were lower on Thursday and continue trading in recent ranges. The PSEi is now near the lower bounds of recent ranges hovering just above 6800 a level it broke above in early Feb, while Tuesday saw the index briefly trade above the upper bounds of 7000. Equity flows have been mixed with no clear direction from foreign investors. The 5-day average is -$1m, while the 20-day average is -$3.8m
  • Indonesian equities were slightly higher on Friday, there was little in the way of market drivers. Foreign investors continue to sell Indonesian equities and have now marked 9 day of net selling for a total of $708m of outflows with Friday marking the largest outflow since Aug 2023. The 5-day average is now -$116m, the 20-day is $0.9m, while the longer term 100-day average is now just $16m

Table 1: EM Asia Equity Flows

YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*|***0.0-8.864.3
South Korea (USDmn)-167114113330
Taiwan (USDmn) ***0-1624567
India (USDmn)**-1174461037
Indonesia (USDmn) -237-5841102
Thailand (USDmn)3551-1883
Malaysia (USDmn) **3-65-229
Philippines (USDmn) -9-9.0154
Total (Ex China USDmn)-49281818078
* Northbound Stock Connect Flows
** Data Up To Apr 4th
*** Public Holiday
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