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Fund Flow Tracker
Taiwan and Japan to the fore
Local exchange data: TIPs sales slow, Taiwan buys surge
Taiwan drives weekly regional foreign net-buying. Rotation into Northeast
Asia stocks continues, with Taiwan and Korea the only two markets to record
net-positive foreign buying among the six Asia ex-Japan markets where highfrequency
data are available (ie, Korea, Taiwan, India, Thailand, Indonesia
and the Philippines). The aggregate net-buy for all six markets over the week
ending January 19 was US$714m (a turnaround vs net selling of US$650m a
week ago). Taiwan recorded a near three-month high of US$1.1bn in foreign
net purchases. Korea also recorded positive – albeit more moderate – netbuying
of US$28.8m this week, vs US$356m a week before.
Selling at least slows in India and TIPs. India and each of the TIPs markets
were still net-sold over the past week, but to a lesser extent than the week
before. India recorded foreign net-selling of US$197m, vs -US$769 a week
ago. And the TIPs together were net-sold by US$239m, vs -US$1.1bn for the
previous week.
Foreign buying of Japan surges. Foreign weekly net-buying of Japanese
equities in the first two weeks of 2011 averaged US$3.4bn – significantly
above the FY2010 average of US$702m.
Foreign net-buying across frontier markets. Pakistan and Vietnam both
sustained their consecutive weekly net-buying streaks, with WoW increases to
US$31m and US$20m, respectively, vs US$19m and US$6.3m the week
before. Sri-Lanka has edged into positive territory, with US$1.8m foreign netbuying
this week.
Fund subscription data: No flight from EMs
Persistent appetite for EM Equity asset class. Despite widespread
concerns that a developed-market recovery could reverse EM equity flows,
weekly subscriptions to GEM-focused funds of US$1.15bn are above the 52-
week average of US$1.06bn, and well up from last week's US$283m.
Emerging Asia: Greater China fund redemptions drag total. Subscriptions
to Pan-regional Asia ex-Japan funds also stayed positive this week, but
slowed to US$68.54m vs US$134.6m the week before. Single-country funds
experienced aggregate net-redemptions, though, of US$24m this week, vs
positive US$374m subscriptions a week ago. This was primarily driven by
redemptions of US$255m from Greater China funds.
Developed Asia: Japan subscriptions gaining. Weekly subscriptions to
Japan-focused funds totalled US$455m, bringing the YTD weekly average to
US$309m vs its 52-week average redemption of US$13m. But broader Asia
Pacific-benchmarked funds (which include Japan, Australia and New Zealand
along with Emerging Asia) received US$59m of net-subscriptions, above its
52-week average of US$31m but lower than last week's US$134m.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Fund Flow Tracker
Taiwan and Japan to the fore
Local exchange data: TIPs sales slow, Taiwan buys surge
Taiwan drives weekly regional foreign net-buying. Rotation into Northeast
Asia stocks continues, with Taiwan and Korea the only two markets to record
net-positive foreign buying among the six Asia ex-Japan markets where highfrequency
data are available (ie, Korea, Taiwan, India, Thailand, Indonesia
and the Philippines). The aggregate net-buy for all six markets over the week
ending January 19 was US$714m (a turnaround vs net selling of US$650m a
week ago). Taiwan recorded a near three-month high of US$1.1bn in foreign
net purchases. Korea also recorded positive – albeit more moderate – netbuying
of US$28.8m this week, vs US$356m a week before.
Selling at least slows in India and TIPs. India and each of the TIPs markets
were still net-sold over the past week, but to a lesser extent than the week
before. India recorded foreign net-selling of US$197m, vs -US$769 a week
ago. And the TIPs together were net-sold by US$239m, vs -US$1.1bn for the
previous week.
Foreign buying of Japan surges. Foreign weekly net-buying of Japanese
equities in the first two weeks of 2011 averaged US$3.4bn – significantly
above the FY2010 average of US$702m.
Foreign net-buying across frontier markets. Pakistan and Vietnam both
sustained their consecutive weekly net-buying streaks, with WoW increases to
US$31m and US$20m, respectively, vs US$19m and US$6.3m the week
before. Sri-Lanka has edged into positive territory, with US$1.8m foreign netbuying
this week.
Fund subscription data: No flight from EMs
Persistent appetite for EM Equity asset class. Despite widespread
concerns that a developed-market recovery could reverse EM equity flows,
weekly subscriptions to GEM-focused funds of US$1.15bn are above the 52-
week average of US$1.06bn, and well up from last week's US$283m.
Emerging Asia: Greater China fund redemptions drag total. Subscriptions
to Pan-regional Asia ex-Japan funds also stayed positive this week, but
slowed to US$68.54m vs US$134.6m the week before. Single-country funds
experienced aggregate net-redemptions, though, of US$24m this week, vs
positive US$374m subscriptions a week ago. This was primarily driven by
redemptions of US$255m from Greater China funds.
Developed Asia: Japan subscriptions gaining. Weekly subscriptions to
Japan-focused funds totalled US$455m, bringing the YTD weekly average to
US$309m vs its 52-week average redemption of US$13m. But broader Asia
Pacific-benchmarked funds (which include Japan, Australia and New Zealand
along with Emerging Asia) received US$59m of net-subscriptions, above its
52-week average of US$31m but lower than last week's US$134m.
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