Foreign 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