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Korean Equity Outflow Momentum Not Yet At Past Extremes

KRW

Spot USD/KRW got close to 1298 earlier, through the 2020 high and fresh highs going back to 2009. Net equity outflows persist, but we remain above previous trough points from a momentum standpoint. Spot USD/KRW is also elevated relative to its own 200 day MA but implied vols and risk reversals paint a more benign picture.

  • The Kospi remains an underperformer in the regional equity context, down close to 2%. As we highlighted earlier, equity outflows persist, now at $281mn for day.
  • The first chart below plots the trends for the rolling weekly and monthly net equity flow picture. The past 5 trading sessions has seen just over $1.1bn in net outflows according to exchange data, while the past month has seen just under $3.3bn in net outflows.
  • Whilst clearly negative, we remain above trough points seen in recent years, as the chart demonstrates.
  • Year to date net outflows are also very large at more than $15bn, but remain below net outflows seen for 2020, 2021 and 2008.

Fig 1: Equity Outflows Persist But Not at Extremes Yet

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Spot USD/KRW got close to 1298 earlier, through the 2020 high and fresh highs going back to 2009. Net equity outflows persist, but we remain above previous trough points from a momentum standpoint. Spot USD/KRW is also elevated relative to its own 200 day MA but implied vols and risk reversals paint a more benign picture.

  • The Kospi remains an underperformer in the regional equity context, down close to 2%. As we highlighted earlier, equity outflows persist, now at $281mn for day.
  • The first chart below plots the trends for the rolling weekly and monthly net equity flow picture. The past 5 trading sessions has seen just over $1.1bn in net outflows according to exchange data, while the past month has seen just under $3.3bn in net outflows.
  • Whilst clearly negative, we remain above trough points seen in recent years, as the chart demonstrates.
  • Year to date net outflows are also very large at more than $15bn, but remain below net outflows seen for 2020, 2021 and 2008.

Fig 1: Equity Outflows Persist But Not at Extremes Yet

Keep reading...Show less