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Foreign Investors Continue Dumping Asian Equities
ASIA STOCKS
- South Korea: South Korean equities experienced an outflow of $520m yesterday, the KOSPI is 9.55% lower over the past 5 session and has net outflows of $1.953b over the same period from foreign investors. Outflows have been largely confined to the tech sector, with some selling also seen in transportation names. The 5-day average outflow is $391m, compared to the 20-day average outflow of $154m and the 100-day average inflow of $79m. Year-to-date, South Korea has had substantial inflows totaling $16.761b.
- Taiwan: Taiwan saw an outflow of $1.614b yesterday, taking the net outflow to $5.707b over the past five trading days. There seems to be no end to the relentless selling of Taiwanese equities with the Taiex off 8% over the past week and 14.70% off July highs, the market is also quickly on it's way to the largest quarter on record for outflows. The 5-day average outflow is $1.141b, compared to the 20-day average outflow of $793m and the 100-day average outflow of $206m. Year-to-date, Taiwan has experienced outflows totaling $11.992b.
- India: Indian equities had an outflow of $338m yesterday, resulting in a net outflow of $1.323b over the past five trading days, Indian equities are holding up better than the more tech focused markets with the nifty 50 off 5% this week, although we have seen almost two weeks of straight selling from foreign investors. The Nifty 50 is holding just above the 50-day EMA after briefly testing it on Monday during the global equity sell-off. The 5-day average outflow is $265m, compared to the 20-day average inflow of $34m and the 100-day average outflow of $48m. Year-to-date, India has seen inflows totaling $2.374b.
- Indonesia: Indonesian equities recorded an inflow of $58m yesterday and is one of the only markets to see inflows over the past week, with a net inflow of $71m, the JCI has largely recovered from Monday's sell-off to trade just 0.86% lower over the past week. The 5-day average outflow is $14m, which is below the 20-day average inflow of $18m and the 100-day average outflow of $11m. Year-to-date, Indonesia has had inflows totaling $110m.
- Thailand: Thai equities saw an outflow of $14m yesterday, resulting in a net outflow of $42m over the past five trading days. The SET made new multi-year lows on Monday and remains under pressure after breaking back below the 20-day EMA. The 5-day average outflow is $8m, which is worse than the 20-day average outflow of $3m and the 100-day average outflow of $24m. Year-to-date, Thailand has had significant outflows amounting to $3.325b.
- Malaysia: Malaysian equities had an outflow of $51m yesterday, resulting in a 5-day net outflow of $121m. The KLCI is just 1.10% lower over the past week and has managed to trade back above both the 100 & 200-day EMAs, next week we have 2Q GDP data. The 5-day average outflow is $24m, which is worse than the 20-day average outflow of $1m and the 100-day average inflow of $0m. Year-to-date, Malaysia has experienced outflows totaling $9m.
- Philippines: The Philippines had no net outflow yesterday, resulting in a net outflow of $34m over the past five trading days. The PSEi has been trading sideway for most of the year, although broke back below all key EMS on Monday and has yet to be able to trade back above them. The 5-day average outflow is $7m, compared to the 20-day average inflow of $1m and the 100-day average outflow of $7m. Year-to-date, the Philippines has seen outflows totaling $502m.
Table 1: EM Asia Equity Flows
| Yesterday | Past 5 Trading Days | 2024 To Date | |
| South Korea (USDmn) | -520 | -1953 | 16761 |
| Taiwan (USDmn) | -1614 | -5707 | -11992 |
| India (USDmn)* | -338 | -1323 | 2374 |
| Indonesia (USDmn) | 58 | 71 | 110 |
| Thailand (USDmn) | -14 | -42 | -3325 |
| Malaysia (USDmn) | -51 | -121 | -9 |
| Philippines (USDmn) | 0 | -34 | -502 |
| Total | -2478 | -9109 | 3416 |
| * Up to 7th August |
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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