Equity Flows Light Ahead Of A Busy Central Bank Week

• China equities were higher again on Monday, economic and market headlines were light. Tech names were the top performers again, while the property sector was the worst performing China Evergrande has been accused of falsely inflating revenue by more than $78b in the two years prior to failing. Equity flow momentum continues to grow stronger, although Monday's flows were down on the prior day, with 2.82b. The 5-day average is now 5.07b, the 20-day average is 3.65b yuan.
• South Korean equities were higher non Monday, with $77m in net inflows after a recording their largest outflow for a year on Friday. Tech names were the top performing names with Samsung leading the way. 5-day average is still negative at -$110m, while the 20-day average is $61m
• Taiwan equities were higher on Monday with tech names the top performer. Equities flows marked their third day in a row of net selling the first time since January. Government officials have warned investors about inflated stock prices. While short term flow momentum is negative with the 5-day average now $135m, although the 20-day is still positive at $159m
• Indonesia, Philippines and Thailand equities saw very little in the way of equity flows on Monday as investors wait to hear from global central banks over the coming for days.

Table 1: EM Asia Equity Flows