India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Fund Flow Tracker
Selective resilience
Fund flow data: Pan-regional, India, Japan, HK carry the week
Asia ex-Japan, India and HK funds lift regional inflows: Asia ex-Japan
fund subscriptions improved week on week to ~US$400m – just shy of YTD
averages. This was led primarily by strong flows into regional benchmarked
funds, and a rebound from net redemptions last week to net subscriptions this
week for both India- and Hong Kong-dedicated country funds.
China funds turn to redemptions: Following a recent slowing of inflows,
Greater China and China-dedicated funds both turned to net redemptions in
the past week. Taiwan funds, which had bucked the slowing trend last week,
succumbed and fell to the negative this week. Korea and Singapore continued
to see outflows, with Korea-dedicated funds reporting their second
consecutive week of redemptions and Singapore their third.
Out of Indonesia but into other emerging Asean markets: Indonesiadedicated
funds reported their first week of net redemption after 14
consecutive weeks of inflows but the other emerging Southeast Asian markets
all saw improving fund flows. Malaysia- and Thailand-dedicated funds
recorded their first positive subscriptions in a month – with Thailand inflows
rebounding strongly week-on-week to above YTD averages. Philippine funds
remained flat.
Japan fund inflows bounce further – to nine-month highs: Japan fund
subscriptions continued their rebound after last week reporting their first inflow
in nine weeks, with inflows this week reaching more than US$400m, the
highest level since March. More broadly, Asia Pacific-benchmarked funds, as
well as Australia- and New Zealand-dedicated funds, all saw positive and
improving subscriptions WoW.
Lest readers interpret the above as a rising preference for developed-market
rather than emerging-market risk, we note GEM funds also received
accelerating inflows; in fact, almost doubling WoW (although BRIC
benchmarked funds saw their second consecutive week of redemptions).
Local exchange data: Foreign buyers back in force
Net-buying across Asia markets ex-India: After a broad bout of foreign netselling
across Asian exchanges last week, foreign net-buying this week has
been strong for the six markets where high-frequency data is available --
particularly in Korea, Taiwan, Indonesia and Thailand. India, however,
suffered a week-on-week reversal in foreign net-buying, with US$142mn in
foreign net-selling despite ongoing positive subscriptions to India-dedicated
country funds – implying a rise in India managers’ cash levels.
Japan net foreign buying streak continues: November’s trend of strong
foreign net-buying in Tokyo has continued into December, with Japanese
exchanges recording no less than US$1.6bn of net-buying in the week ending
December 3 (Japanese data reported only with an extra week’s delay).
Foreign net-buying across all frontier markets: For the second week in a
row, all three frontier markets recorded net foreign buying. Pakistan continued
to drive foreign net buying, and Sri Lanka sustained a second week of net
buying. Vietnam recorded its 37th week of consecutive net foreign buying.
No comments:
Post a Comment