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Equity Flows Remain Negative Over the Short-Term, Trend Slowing

ASIA STOCKS
  • South Korean equities were closed on Thursday for Memorial Day, however the past 5 trading sessions have seen a net outflow of $693m, while May saw an outflow of 676m and marked the 2nd straight monthly outflow. The short-term trend has been negative, although with positive price action from US Tech giants the trend could start to change. The 5-day average is $-138m, below both the 20day average of $47m and the longer-term trend at $136m.
  • Taiwan equities hit new highs on Thursday and there was a $592m inflow, the largest inflow in about two weeks. Flows have been negative over the past week, although the trend is slowing, the last 5 sessions have seen a total outflow of $958m vs and outflow $2.1b the 5 days prior. The 5-day average is now -$191m, below the 20-day average of $123m and the 100-day average at $24m.
  • Thailand equities were lower on Thursday and made new multi-year lows. Foreign investors have sold equities for the past 11 sessions, with the past 5 seeing a net outflow of $300m, while May we saw a total outflow of $455m. The 5-day average is now -$60m, below both the 20-day average at -$27m and the 100-day average at -$24m.
  • Indonesian equities have now marked 11 straight sessions of selling from foreign investors, with the past 5 session seeing a net outflow of $93m. The JCI made new fresh ytd lows and closed below 7,000. The 5-day average is now -$18m, below both the 20-day average at -$38m and the 100-day average at -$2.5m.
  • Philippines equities ended their run of outflows on Thursday with a small $0.6m inflow, although the past 5 sessions have seen an outflow of $131m.After the PSEi traded below the 6,400 during the week, we had two positive days and now test the 20-day EMA at 6520 area. The 5-day average is -$26m, below the 20-day average at -$7m and the 100-day average at -$5.2m.
  • Indian equities have been very volatile over the past few days due to the presidential elections, the Nifty 50 dropped over 5% on Tuesday tapping the 200-day EMA before recovering the losses and now trade up about 1% for the past 5 sessions. As of Wednesday, the past 5 sessions saw an outflow of $1.1b. The 5-day average is now -$218m, 20-day average is -$188m, both below the 100-day average at $10m

Table 1: EM Asia Equity Flows

YesterdayPast 5 Trading Days2024 To Date
South Korea (USDmn)470-69313933
Taiwan (USDmn) 593-9582720
India (USDmn)*-576-1091-3980
Indonesia (USDmn)-36-93-424
Thailand (USDmn)-87-301-2433
Malaysia (USDmn) **-15-150-121
Philippines (USDmn)-22-131.7-465
Total 325-34179230
* Data Up To June 5
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