Equity Markets Lower As Outflows Increase

• South Korean equity markets were lower on Tuesday, as we now mark three-days of outflows although still have a net inflows over the past 5-day off $154m. This week the focus will be on the BOK rate decision on Thursday. Equity flow momentum is slowly quickly with the 5-day average is now just $31m, below the 20-day average of $41m, and well down on the longer term 100-day average at $168m.
• Taiwan equities were slightly lower on Tuesday, foreign investors sold $120m of equities about $100m less than they sold on Monday, we still have a net inflow over the past 5-days of $2.53b. This week the focus will be on the unemployment rate and Industrial Production. The 5-day average now sits at $450m, well above the 20-day average at $2316m and the 100-day average at $75m.
• Thailand equities were lower again on Tuesday, foreign investors sold $86.5m of equities which is well above the short-term average. There else on the calendar this week, other than Gross international reverses. The 5-day average now at $-6.95m, the 20-day average $2.06m, while the 100-day average is -$18.50m.
• Indian equities are back towards their all time highs, and saw an inflow on Friday, breaking a run of 11 straight days of outflows. This week, we have HSBC India PMI data due out. The 5-day average is now -$184m, below both the 20-day average at -$176m and the 100-day average at $22.45m.
• Indonesian equities were lower on Tuesday and ended the run of three consecutive days of inflows, the past 5-days have seen a total inflow of $26m, although over the past month there has been an outflow of $805m. Focus this week will be on the Bank Indonesian rate decision later today. The 5-day average now $5m and now above the 20-day average at -$42m while the 100-day average is still positive at $5.35m.
• Philippines equities were lower on Tuesday, equity flow momentum has been mixed recently we have seen a net outflow of $9.85m over the past 5-days. This week the calendar is light with just the Budget Balance on Thursday. The 5-day average is -$197m, above the 20-day average at -$16.5m and the 100-day average of -$3.1m
• Malaysian equities were lower on Tuesday. Flows over the past week have been positive for a total inflow of $202m. This week we have Foreign Reserves and CPI. The 5-day average now $40.44m, now above the 20-day average at $34m and well above the longer term 100-day average at $0.788m.

Table 1: EM Asia Equity Flows