Equity Flow Positive For the Week, Tech Stocks See Majority Of Flow

• South Korean equity markets were higher on Thursday with equity flows positive. It was a shortened week with the local market out on Wednesday for Buddha's Birthday we have seen $508m of net buying by foreign investors for the week, with the Kospi currently up 0.68% over the same period. It has been a quiet week for economic data with just employment data, which was in line with expectations at 2.8%. The 5-day average is now $65m, in line with the 20-day average of $69m, but well down on the longer term 100-day average at $177m.
• Taiwan equities were again higher on Thursday, foreign investors bought $1.7b of equities making it the the largest since Feb 15th. The Taiex is up 2.88% for the week and have made new all-time-highs. There was very little in terms of economic data or local market headlines over the week. The 5-day average now sits at $826m, well above the 20-day average at $158m and the 100-day average at $96m.
• Thailand equities have see-sawed over the week and currently trade 0.42% higher for that period, foreign investors bought $98.5m of equities on Thursday taking the weekly net inflow to $120m. It was a quiet week for local data or market headlines, with markets now focused on GDP data that will be released on Monday. The 5-day average now at $20m, the 20-day average -$9.17m, while the 100-day average is -$18.63m.
• Indonesian equity ended their run of net selling by foreign investors on Thursday, although we now sit at just 3 of the past 29 of net buying, flows over the past week are still negative with a net outflow of $148m. The JCI is up 2.23% for the week and has broken back above all moving averages, while the 14-day RSI has ticked above 50 for the first time this month. The 5-day average now -$43m in slightly above the 20-day average at -$54m while the 100-day average is still positive at $4.3m.
• Philippines equities have seen 11 of the past 12 days of selling by foreign investors, although an inflow on Monday has more than covered the outflows for the remainder of the week, the past 5 sessions have seen a net inflow of $43m while the PSEi is up 1.79% over the same period. The 5-day average is $8.7m, above the 20-day average at -$18m and the 100-day average of -$2.8m
• Indian equities have seen foreign investors sell stocks for the 10th straight session, investor flow data is a day behind in India, however the past 5 sessions have seen a net outflow of $2b over that period, with the Nifty 50 up 1.58% for the week. We have bounced right off the 100-day EMA and now trade back above all moving averages. The 5-day average now -$412m, the 20-day average is -$230m while the 100-day average is still positive but declining quickly and sits at $26m.
• Malaysian equities continue making new highs with the Malay KLCI trading above 1,600. Equity flows have been positive for the past two week, with just a single $2.2m outflow on Apr 9th. Over the past week foreign investors have purchased $100m of equities, with the 5-day average now $20m, in line with the 20-day average at $22m and above the longer term 100-day average at $0.06m.

Table 1: EM Asia Equity Flows