Foreign Investors Continue Dumping Taiwan Equities

• South Korea: South Korean equities saw inflows of just $66m yesterday, and we now sit on an outflow of $381m over the past five trading days. Shortly we have local trade balance data, and S&P PMIs. The 5-day average outflow is $76m, compared to the 20-day average inflow of $58m and the 100-day average inflow of $95m. Year-to-date, South Korea has experienced substantial inflows totaling $18.367b.
• Taiwan: Foreign investors sold $701m in equities yesterday, resulting in an outflow of $4.036b over the past five trading days, it has been a one way street for the Taiwanese market recently with $11.5b of outflows in July, while the Taiex has dropped 9% from its peak in mid July, there could be some relief on the way after the Philadelphia SE Semiconductor Index surged 7% overnight. The 5-day average outflow is $807m, higher than the 20-day average outflow of $562m and the 100-day average outflow of $137m. Year-to-date, Taiwan has experienced outflows totaling $7.18b.
• India: Indian equities saw outflows of $342m yesterday, leading to a net outflow of $840m over the past five trading days although these outflows have been match with local buyers with the Nifty 50 up 2% over the same period. The 5-day average outflow is $168m, compared to the 20-day average inflow of $187m and higher than the 100-day average outflow of $51m. Year-to-date, India has experienced inflows totaling $4.038b.
• Indonesia: Indonesian equities recorded inflows of $130m yesterday, leading to a net inflow of $134m over the past five trading days, it has been a muted month for Indonesian equities with the JCI stuck within a tight range of 7,200 - 7,350. The 5-day average is an outflow of $27m, below the 20-day average inflow of $17m and close to the 100-day average outflow of $14m. Year-to-date, Indonesia has experienced outflows totaling $16m.
• Thailand: Thai equities saw inflows of $8m yesterday, resulting in a net inflow of $12m over the past five trading days. The SET has seen a strong bounce after testing the yearly lows on July 25, the test now will be on whether it can break above 1,320, a level it fell below back in early June. The 5-day average inflow is $2m, better than the 20-day average outflow of $3m and the 100-day average outflow of $26m. Year-to-date, Thailand has seen significant outflows amounting to $3.278b.
• Malaysia: Malaysian equities experienced inflows of $26m yesterday, leading to a 5-day net outflow of $55m. The 5-day average outflow is $11m, lower than the 20-day average inflow of $14m and the 100-day average outflow of $3m. Year-to-date, Malaysia has experienced inflows totaling $109m.
• Philippines: The Philippines had a small outflow of just $300k on Wednesday, resulting in a net outflow of $21m over the past five trading days. Flows have been muted recently, although the PSEi has continued to trend higher, and finished July up 4.10%. The 5-day average outflow is $4m, compared to the 20-day average inflow of $3m and the 100-day average outflow of $7m. Year-to-date, the Philippines has seen outflows totaling $467m.

Table 1: EM Asia Equity Flows