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Free AccessForeign Investors Sell Asian Equities
- China equities reopened after an extended break to outflows, small-cap and growth stocks underperformed down 1.5-2% while large cap index were down about 1%. Investors were busy assessing the past few days of headlines, with Yellen's comments on Chinese overcapacity seen as a major driver for stocks trading off, while promising domestic tourism spending was up the 12.7% more than the 2019 holiday period. There was -3b yuan in outflows via northbound connect, while the 5-day average now -2.3b, the 20-day average is 1.29b while the 100-day average is 0.48b yuan.
- Taiwan equities also returned from their extended break, foreign investors sold equity on Monday as they assessed what the damages would be from the recent earthquake, while EM ETFs also saw investors dump Taiwanese stocks. The market traded up 0.39%, with semiconductor names leading the way. The 5-day average is now -$166m, the 20-day average is -$149m, while the longer term 100-day average is still positive at $170m
- South Korean equities tracked wider markets higher, there was little in the way of market news or eco headlines. SK equities continue to pull in foreign investors, largely on the back of the "Value-up" program. The 5-day average is now $187m, the 20-day average is $235m, above the longer term 100-day average at $187m
- Philippines equities were unchanged on Monday, as they head into a short break until Thursday. The BSP kept keys rates at 6.50% in line with expectation. Foreign investors sold stock for the fourth session in the row, with the 5-day average now -$6.75m, the 20-day average is -$5.20m, while the longer term 100-day average remains positive at $1.83m
Table 1: EM Asia Equity Flows
Yesterday | Past 5 Trading Days | 2024 To Date | |
China (Yuan bn)* | -3.0 | -11.9 | 61.3 |
South Korea (USDmn) | 42 | 936 | 13372 |
Taiwan (USDmn) | -499 | -831 | 4068 |
India (USDmn)** | 230 | 191 | 1267 |
Indonesia (USDmn) *** | 0 | -584 | 1102 |
Thailand (USDmn) *** | 0 | 51 | -1883 |
Malaysia (USDmn) ** | -28 | -71 | -257 |
Philippines (USDmn) | -16 | -33.7 | 137 |
Total (Ex China USDmn) | -272 | -342 | 17806 |
* Northbound Stock Connect Flows | |||
** Data Up To Apr 5th | |||
*** Public Holiday |
To read the full story
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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.