• China equities were lower on Monday, there was little in the way of market headlines or drivers. Flows via northbound connect were positive with 5.57b yuan flowing in. Large cap stocks out-performed smaller and growth names with the CSI100 falling 0.39%, while the ChiNext closed down 1.95%, while the CSI1000 was down 2.32%. The 5-day average still sits negative at -1b, while the 20-day average is 2.6b and the 100-day average now 0.51b yuan.
• South Korean equities were lower on Monday, trading down 0.40%. Foreign investors bought SK equities, with $114m of net inflows. Tuesday, SK had consumer confidence which dropped from the month prior at 100.7 vs 101.9. The 5-day average is $529m vs the longer term 20-day average at $157m and the 100-day at $173m.
• Taiwan equities were lower on Monday, down 0.18%. Foreign investors sold equities, with a net outflow of -280m. Lower tech stocks were the main driver for both returns and flows, while the 5-day average still sits negative at -$283m vs the 20-day average at $60m and the 100-day average at $178m. The short term trends have been hurt by last weeks almost $2b of outflows.
• Thailand equities were lower on Monday, down 0.62% while foreign investor flows were again negative. There was little in the way of market drivers, while later today Trade Balance data is due out. The 5-day average is -$213m vs the 20-day at -$66m and the 100-day at $97m. Short term trends have been heavily impacted by the two days of $500m outflows.
• Indonesian equities broke their 6-day run of foreign investor inflows with a $20m outflow on Monday, equities were 0.38% higher. The 5-day average now sits at $21m, vs the 20-day at $18m and the 100-day at $20.2m

Table 1: EM Asia Equity Flows