Regional Equity Flows Turn Negative

• South Korean equity markets were higher on Monday along with the KRW as strong demand and sales forecasts from chip makers help support the local market. Today we have Store Sales and Retail Sales data due out, but that is unlikely to move markets. Equity flows have been mixed recently, and have significantly underperformed Taiwan's in a sign the recent rally and inflows on the back of the policy announcements around the "Corporate Value-Up" program may have run out of steam. The 5-day average is now just $28.5m, below the 20-day average of $86m, and well down on the longer term 100-day average at $165m.
• Taiwan equities were higher on Monday, flows remain positive but Monday did see a decent drop from the days prior, with just a $90m inflow, taking the prior 5 trading sessions to a total inflow of were positive with a $316m inflow, Foreign investors have been better buyers recently, with the past 5 session seeing a total inflow of $1.93b. Focus this week will be on GDP on Thursday. The 5-day average now sits at $387m, below the 20-day average at $372m however both are well above the longer term 100-day average at $91m.
• Thailand equities were slightly higher on Monday, are the SET has been trading directionless since mid October. Equity flow momentum has been negative in the short-term, over the past 5 session have been negative for a total outflow of -$163m. Focus this week will be on BoP Current Account Balance on Friday. The 5-day average is now -$32m, below the 20-day average at -$5m and the 100-day average at -$19m.
• Indian equities were a touch lower on Monday, and just off recent all time highs. Equity flows have been mixed recently, although we are positive for the past 5 trading sessions for a total inflow at $556m. The 5-day average is now $111m, below both the 20-day average at -$126m and the 100-day average at $21m.
• Philippines equities were lower on Monday, the local market has been marking lower highs and higher lows over the past month, while equity flow momentum has been mixed recently we have seen a net outflow of $13m over the past 5 sessions. The 5-day average is -$2.6m, above the 20-day average at -$15.5m, while slightly below the 100-day average of -$2.9m
• Malaysian equities were slightly lower on Monday, and just of recent all time highs, equity flows have been positive recently with the past 5 trading sessions netting an inflow $140m, It's a quiet week for economic data in the region. The 5-day average now $28m, now above the 20-day average at $35m and well above the longer term 100-day average at $1.4m.

Table 1: EM Asia Equity Flows