Investors Dump Semiconductor Stocks On Trade Restriction Concerns

• South Korea: South Korean equities saw outflows of $200m yesterday, contributing to a net outflow of $4m over the past five trading days. Similar to Taiwan, SK has been hit with a sell-off in the semiconductor space recently The 5-day average inflow is -$1m, significantly lower than the 20-day average of $138m and the 100-day average of $119m. Year-to-date, South Korea has experienced substantial inflows totaling $19.41b.
• Taiwan: Taiwanese equities had significant outflows of $806m yesterday, resulting in a net outflow of $2.75b over the past five trading days. Semiconductor names have been heavy sold recently, and with the Biden administration proposing more trade restrictions on any company that provides advanced semiconductor tech to China expect flows in the region to remain negative. The 5-day average flow is -$550m, considerably lower than the 20-day average of -$257m and the 100-day average of -$28m. Year-to-date, Taiwan has accumulated inflows of $846m.
• India: India equity markets were closed on Wednesday for Moharrum.
• Indonesia: Indonesian equities recorded outflows of $5m yesterday, resulting in a net inflow of $84m over the past five trading days. The 5-day average is -$17m, below the 20-day average inflow of $16m and the 100-day average of -$8m. Year-to-date, Indonesia has experienced outflows totaling $199m.
• Thailand: Thai equities saw inflows of $19m yesterday, contributing to an outflow of $11m over the past five trading days. The 5-day average is -$2m, slightly better than the 20-day average of -$22m and the 100-day average of -$24m. Year-to-date, Thailand has seen significant outflows amounting to $3.34b.
• Malaysia: Malaysian equities experienced inflows of $51m yesterday, contributing to a 5-day net inflow of $217m. The 5-day average inflow is $43m, higher than the 20-day average inflow of $8m and the 100-day average outflow of -$2m. Year-to-date, Malaysia has experienced minor inflows totaling $147m.
• Philippines: Philippine equities saw inflows of $12m yesterday, with a 5-day net inflow of $22.3m. The 5-day average inflow is $4m, better than the 20-day average inflow of $0m and the 100-day average outflow of -$7m. Year-to-date, the Philippines has seen outflows totaling $502m.

Table 1: EM Asia Equity Flows