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Equity Flows Remain Negative, India See Largest Outflow On Record

ASIA STOCKS
  • South Korean equities followed global markets higher on Wednesday, SK GDP was slightly below consensus coming in at 3.3% vs 3.4%. The short-term has seen better selling from foreign investors, although Wednesday did see a decent inflow of $470m, the past 5 session have seen a total outflow of $693. The 5-day average is now -$138m, well below the 20-day average of -$47m, and the longer term 100-day average at $136m.
  • Taiwan equities were higher on Wednesday and we bounced off the 20-day EMA again. Foreign investors have been better sellers of local equities recently although the trend is slowing, with the past 5 sessions seeing an outflow of $3.1b, Wednesday saw just a small $94m outflow. Later today we have CPI. The 5-day average is -$620m, well below the 20-day average at $57m and the 100-day average at $17m.
  • Thailand equities were little changed on Wednesday and the SET is continues to test yearly lows made on Apr 19th. Foreign investors have sold equities for the past 10 sessions, with the past 5 seeing a net outflow of $352m. Focus this week will be on CPI due out on Friday. The 5-day average is now -$62m, below both the 20-day average at -$21m and the 100-day average at -$23m.
  • Indonesian equities have now marked 10 straight sessions of selling from foreign investors, with the past 5 session seeing a net outflow of $130m. The JCI made new fresh ytd lows and closed below 7,000 for the second time this week. The 5-day average is now -$26m, below both the 20-day average at -$37m and the 100-day average at -$2m.
  • Philippines equities also continue to see selling from foreign investors, we have now marked 8 straight days of net selling, with the past 5 sessions seeing a total outflow of $145.9m. The PSEi was able to close teh session higher and back above the 6,400 level. The 5-day average is -$29m, below the 20-day average at -$8.6m and the 100-day average at -$5.1m.
  • Indian equities have been very volatile over the past few days due to the presidential elections, the Nifity 50 dropped over 5% on Tuesday tapping the the 200-day EMA before recovering some of those moves yesterday. Tuesday also marked the largest outflow from foreign investors on record for a outflow of $1.4b. The 5-day average is now -$206m, 20-day average is -$166m, both below the 100-day average at $13m

Table 1: EM Asia Equity Flows


YesterdayPast 5 Trading Days2024 To Date
South Korea (USDmn)470-69313933
Taiwan (USDmn) -94-31012127
India (USDmn)*-1466-1033-3404
Indonesia (USDmn)-35-130-388
Thailand (USDmn)-3-310-2345
Malaysia (USDmn) **54-173-106
Philippines (USDmn)-10-145.9-466
Total -1085-55859351
* Data Up To June 4
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