Foreign Investors Continue Selling Local Tech Stocks

• South Korea: South Korean equities saw outflows of $592m yesterday, contributing to a net outflow of $1.056b over the past five trading days, the Kospi is down 2.58% over the same period with major Tech names such as Samsung (-4.74%) & SK Hynix (-9.31%) contributing the most to the sell off. The 5-day average outflow is $211m, compared to the 20-day average inflow of $55m and the 100-day average inflow of $100m. Year-to-date, South Korea has experienced substantial inflows totaling $18.157b.
• Taiwan: The local market was closed Wednesday &Thursday due to a Typhoon, expect heavy selling to resume once the market reopens after the Philadelphia SE Semiconductor Index has fallen 7.34% during the Typhoon outage and now off 15.59% from all time highs made on July 7th. The 5-day average outflow is $901m, higher than the 20-day average outflow of $380m and the 100-day average outflow of $77m. Year-to-date, Taiwan has experienced outflows totaling $2.855b.
• India: Indian equities saw outflows of $419m yesterday, flows have almost entirely been positive since the Indian Elections the past 5-days have seen an inflow of $1.216b. The 5-day average inflow is $243m, slightly below the 20-day average inflow of $270m and significantly higher than the 100-day average outflow of $48m. Year-to-date, India has experienced inflows totaling $4.458b.
• Indonesia: Indonesian equities recorded inflows of $24m yesterday, leading to a net inflow of $2m over the past five trading days, flows have been mixed recently with no trend emerging. The 5-day average is $0m, below the 20-day average inflow of $10m and close to the 100-day average outflow of $11m. Year-to-date, Indonesia has experienced outflows totaling $125m.
• Thailand: Thailand saw an outflow of $6m yesterday, resulting in a net inflow of $50m over the past five trading days with the SET down 2.50% over the same period. The 5-day average inflow is $10m, better than the 20-day average outflow of $10m and the 100-day average outflow of $27m. Year-to-date, Thailand has seen significant outflows amounting to $3.285b.
• Malaysia: Malaysian equities experienced outflows of $80m yesterday the largest outflow since May 31st, contributing to a 5-day net outflow of $67m. The 5-day average outflow is $13m, lower than the 20-day average inflow of $11m and the 100-day average outflow of $4m. Year-to-date, Malaysia has experienced inflows totaling $85m.
• Philippines: The Philippines saw outflows of $4m yesterday, resulting in a net inflow of $53m over the past five trading days. The 5-day average inflow is $11m, better than the 20-day average inflow of $4m and the 100-day average outflow of $6m. Year-to-date, the Philippines has seen outflows totaling $449m.

Table 1: EM Asia Equity Flows