Equity Flows Negative As Investors Sell Tech Stocks

• South Korea: South Korean equities saw outflows of $97m yesterday, contributing to a net inflow of $492m over the past five trading days. The end of June appears to show a trend towards stabilization with smaller and less frequent large flows. The 5-day average inflow is $98m, lower than the 20-day average of $173m but higher than the 100-day average of $139m. Year-to-date, South Korea has experienced substantial inflows totaling $16.992b.
• Taiwan: Taiwanese equities had significant outflows of $919m yesterday, contributing to a net outflow of $1.612b over the past five trading days. The recent data suggests a bearish trend with substantial outflows in the short to medium term, high market volatility, and potential negative sentiment among investors. The 5-day average outflow is $322m, contrasting with the 20-day average inflow of $20m and the 100-day average inflow of $19m. Year-to-date, Taiwan has accumulated inflows of $3.143b.
• India: Indian equities experienced outflows of $59m Monday but saw a total inflow of $1.533b over the past five trading days. The recent data suggests a strong bullish trend in the short term, with substantial net inflows over the past five days. The medium-term trend is also positive, though less pronounced. The impact of the Indian elections on June 4th and 5th is evident, with significant outflows during that period. The 5-day average inflow is $307m, higher than the 20-day average of $117m. The 100-day average shows a slight outflow of $26m. Year-to-date, India has seen inflows of $290m.
• Indonesia: Indonesian equities recorded inflows of $30m yesterday, with a net outflow of $412m over the past five trading days. The data shows a predominant negative trend with more frequent and larger outflows than inflows, suggesting a bearish sentiment in the market over both the short and medium terms. The 5-day average outflow is $82m, close to the 20-day and 100-day averages of $3m and $8m, respectively. Year-to-date, Indonesia has experienced outflows totaling $386m.
• Thailand: Thai equities saw outflows of $77m yesterday, bringing the 5-day total to a net outflow of $226m. The data shows a predominant negative trend with more frequent and larger outflows than inflows, suggesting a bearish sentiment in the market over both the short and medium terms. The 5-day average outflow is $45m, close to the 20-day average of $48m and higher than the 100-day average outflow of $24m. Year-to-date, Thailand has seen significant outflows amounting to $3.298b.
• Malaysia: Malaysian equities experienced inflows of $28m yesterday, contributing to a 5-day net outflow of $76m. There doesn't seem to be much of a trend occurring in the region, with the Malay KLCI little changed over the past 5 sessions. The 5-day average outflow is $15m, higher than the 20-day average outflow of $7m and the 100-day average outflow of $3m. Year-to-date, Malaysia has experienced outflows totaling $173m.
• Philippines: Philippine equities saw modest outflows of $5m yesterday, with a 5-day net inflow of $2.8m. flows into the region have been mixed recently with no real trend occurring. The 5-day average is $1m, less than the 20-day average outflow of $5m and the 100-day average outflow of $6m. Year-to-date, the Philippines has seen outflows totaling $531m.

Table 1: EM Asia Equity Flows