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Markets Closed, Thailand Sees Equity Inflows As Investors Sell Bonds

ASIA STOCKS
  • China saw an outflow via northbound connect of 4.1b yuan on Wednesday marking the largest for the month. Chinese equity markets have struggled to make any ground this month with HSI outperforming the CSI300 by 4.13% and is now closing the YtD performance gap to just 1.09%. Wednesday saw Fitch cut China outlook to negative on steady rise in debt, while S&P downgraded China Vanke to Junk. The 5-day average -$2b, the 20-day average is $1.32b while the longer term 100-day average is 0.35b yuan.
  • Taiwan equities saw little action on Wednesday markets were largely unchanged while foreign investors bought just $52m on equities as the market readied for US CPI data. There was little change to the averages with the 5-day average now -$90m, the 20-day average is -$186m while the longer term 100-day average is $168m.
  • India saw a large inflow on Monday with foreign investors purchasing $1.02b of equities, this was largely driven by the inclusion of 18 Indian stocks in the MSCI India Index, while the Nifty 50 has made new all-time highs again. The 5-day average is now $186m, the 20-day average is $235m, while the longer term 100-day average is just $92m.
  • Thailand equities saw another large inflow on Wednesday with $100m of net foreign investor buying. Investors have been selling Thai Bonds recently and buying equities ahead of the BoT decision, of which they kept rates on hold. While government support for property names could also be helping attract inflows. The 5-day average is now $67m, vs the longer term 20-day average at -$33m, and the 100-day average at -$18m.

Table 1: EM Asia Equity Flows

YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*-4.1-10.058.2
South Korea (USDmn)***057213584
Taiwan (USDmn)52-4524671
India (USDmn)**10239852290
Indonesia (USDmn) ***0-5841102
Thailand (USDmn) 101336-1616
Malaysia (USDmn) ***0-62-292
Philippines (USDmn) ***0-33.7137
Total (Ex China USDmn)117776219876
* Northbound Stock Connect Flows
** Data Up To Apr 8th
*** Close for Public Holiday
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  • China saw an outflow via northbound connect of 4.1b yuan on Wednesday marking the largest for the month. Chinese equity markets have struggled to make any ground this month with HSI outperforming the CSI300 by 4.13% and is now closing the YtD performance gap to just 1.09%. Wednesday saw Fitch cut China outlook to negative on steady rise in debt, while S&P downgraded China Vanke to Junk. The 5-day average -$2b, the 20-day average is $1.32b while the longer term 100-day average is 0.35b yuan.
  • Taiwan equities saw little action on Wednesday markets were largely unchanged while foreign investors bought just $52m on equities as the market readied for US CPI data. There was little change to the averages with the 5-day average now -$90m, the 20-day average is -$186m while the longer term 100-day average is $168m.
  • India saw a large inflow on Monday with foreign investors purchasing $1.02b of equities, this was largely driven by the inclusion of 18 Indian stocks in the MSCI India Index, while the Nifty 50 has made new all-time highs again. The 5-day average is now $186m, the 20-day average is $235m, while the longer term 100-day average is just $92m.
  • Thailand equities saw another large inflow on Wednesday with $100m of net foreign investor buying. Investors have been selling Thai Bonds recently and buying equities ahead of the BoT decision, of which they kept rates on hold. While government support for property names could also be helping attract inflows. The 5-day average is now $67m, vs the longer term 20-day average at -$33m, and the 100-day average at -$18m.

Table 1: EM Asia Equity Flows

YesterdayPast 5 Trading Days2024 To Date
China (Yuan bn)*-4.1-10.058.2
South Korea (USDmn)***057213584
Taiwan (USDmn)52-4524671
India (USDmn)**10239852290
Indonesia (USDmn) ***0-5841102
Thailand (USDmn) 101336-1616
Malaysia (USDmn) ***0-62-292
Philippines (USDmn) ***0-33.7137
Total (Ex China USDmn)117776219876
* Northbound Stock Connect Flows
** Data Up To Apr 8th
*** Close for Public Holiday