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Flows Negative As Risk-Off Sentiment Sees Investors Sell Asia Stock

ASIA STOCKS
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  • China equities saw their largest outflow via northbound connect since Jan 17th, with an outflow of 7.4b yuan, equities were lower although they did outperform Hong Kong equities by about 1%. Poor economic data was the catalyst for the sell-off with Exports down 7.5% vs -1.9% expected, while imports were -1.9% vs 1.0% expected. While The CSI 300 Index has failed to convincingly climb above 3,600 in recent weeks. Shortly we have the MLP 1-year rate, which is expected to on hold at 2.5%. The 5-day average is -2.29b, below both the 20-day average at 0.24b and the 100-day average at 0.29b yuan.
  • Taiwan equities saw another day of outflows with a -$231m outflow on Friday, equity markets were largely unchanged for the 2nd day in a row. There has been very little in the way of market headlines or economic data with another quiet week on that front coming up, flows will largely be driven by US corporate earnings over the next week. The 5-day average is now -$84, the 20-day average is -$233, well below the longer term 100-day average at $162m.
  • South Korea equities were lower on Friday, largely following the other regional markets lower on risk-off sentiment. The Unemployment rate increased although inline with expectations coming in at 2.8% while the BOK base rate was unchanged at 3.50%. Equity flows were largely flat with just a small $6.5m outflow, taking the 5-day average to $167m, the 20-day average to $273m and the 100-day average to $186m.
  • Philippines equities broke below the 6,800 mark Apr 5th, a level that had acted at support for the prior month or so, the PSEi is now off 5.82% from its highs made on Apr 2nd, the next level of support would be 6,600 area, Feb 1st lows / 200-day EMA. Equity flows have been negative for 6 straight days for a total of -$61m. The 5-day average is -$10m, the 20-day average is -$6.16m, while the $1.67m.

Table 1: EM Asia Equity Flows


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  • China equities saw their largest outflow via northbound connect since Jan 17th, with an outflow of 7.4b yuan, equities were lower although they did outperform Hong Kong equities by about 1%. Poor economic data was the catalyst for the sell-off with Exports down 7.5% vs -1.9% expected, while imports were -1.9% vs 1.0% expected. While The CSI 300 Index has failed to convincingly climb above 3,600 in recent weeks. Shortly we have the MLP 1-year rate, which is expected to on hold at 2.5%. The 5-day average is -2.29b, below both the 20-day average at 0.24b and the 100-day average at 0.29b yuan.
  • Taiwan equities saw another day of outflows with a -$231m outflow on Friday, equity markets were largely unchanged for the 2nd day in a row. There has been very little in the way of market headlines or economic data with another quiet week on that front coming up, flows will largely be driven by US corporate earnings over the next week. The 5-day average is now -$84, the 20-day average is -$233, well below the longer term 100-day average at $162m.
  • South Korea equities were lower on Friday, largely following the other regional markets lower on risk-off sentiment. The Unemployment rate increased although inline with expectations coming in at 2.8% while the BOK base rate was unchanged at 3.50%. Equity flows were largely flat with just a small $6.5m outflow, taking the 5-day average to $167m, the 20-day average to $273m and the 100-day average to $186m.
  • Philippines equities broke below the 6,800 mark Apr 5th, a level that had acted at support for the prior month or so, the PSEi is now off 5.82% from its highs made on Apr 2nd, the next level of support would be 6,600 area, Feb 1st lows / 200-day EMA. Equity flows have been negative for 6 straight days for a total of -$61m. The 5-day average is -$10m, the 20-day average is -$6.16m, while the $1.67m.

Table 1: EM Asia Equity Flows


Keep reading...Show less