Foreign Investors Continue To Sell Asian Equities, Taiwan Hit Worst

• China equities flows continue to show no real sign of direction, markets have stalled with the CSI300 still unable to break above the 200-day EMA level at 3600, the index has traded sideways since mid to late Feb when we broke above the 3,400. The 5-day average now -0.05b, 20-day average at -0.11b and the longer term 100-day average now 0.43B yuan.
• Taiwan equities saw another day of outflows with $640m leaving the market, equity markets largely tracking Chinese markets higher with the Taiex finishing up 0.56%. There has been little in the way of eco data this week, with Industrial Production due out Tuesday and GDP on the 30th the major focus for the month, while moves in the Philadelphia SI Semiconductor Index will also drive flows and price. The 5-day average is now -$693m, vs the 20-day at -$325m well below the longer-term trend of $123m.
• South Korea equities have now marked four straight days of net selling by foreign investors with an outflow of $141m. The Kospi is now off 7.02% from recent highs, breaking below the 20, 50 & 100-day EMA and now testing the 200-day EMA. Sellers are in control with the 14-day RSI now testing 30, at 31.7. The 5-day average is now just $16m down from $187m a week ago, the 20-day average to $289m and the 100-day average to $176m.
• Philippines equities continue to see outflows with $9m leaving the market on Wednesday, making it 9 straight days of outflows for a total of $96m, equity prices did trade higher on Wednesday ending an almost 10% drop, the PSEi is now down 8.78% from recent highs made on Apr 1st. The 5-day average is -$10m, the 20-day average is -$9.25m, while the $1.41m.
• Indonesia had a $28m outflow on Wednesday making it an 11-day streak of net selling by foreign investors for a total of $889m, the JCI is now down 4.34% from recent cycle highs, although we did bounce right off the 200-day EMA on Tuesday. The 5-day average is now -$111m, the 20-day average is -$9m, while the longer term 100-day average is still positive at $14.9m.
• Malaysian equities have now marked 6 straight days of selling by foreign investors, for a total of $319m. Equity markets are holding up better than most in the region off just 1.61% from recent highs and have bounced right off the 50-day EMA. The 5-day average is -$27, 20-day average is -$58m while the 100-day average is -$4m.

Table 1: EM Asia Equity Flows