Weekly Fund Flow Tracker- Taiwan takes the marbles ::Macquarie Research

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Weekly Fund Flow Tracker
Taiwan takes the marbles
Local exchange data: Taiwan regains momentum
 Firming foreign net-buying driven by Taiwan Thailand and Philippines.
For the week ending Wed, 11 May, aggregate foreign net-buying for the six
Asia ex-Japan markets where data is available (ie, Korea, Taiwan, India,
Thailand, Indonesia and the Philippines) increased WoW to US$998m from
US$548m a week ago. Taiwan recorded net-buying of US$789m (vs last
week’s US$560m), marking a third week of consecutive net-buying. Thailand
and the Philippines also recorded increased weekly net-buying to US$62m
and US$227m, respectively (vs. -US$13m and US$9m last week). YTD
foreign net-buying in the Philippines now represents fully 2% of market cap.
 Net-selling in India eased WoW to -US$86m from -US$541m, with daily
frequency data showing positive net-buying since Mon, 9 May. Meanwhile,
Korea recorded modest net-selling of -US$30m vs. net-positive foreign buying
of US$272m the week before, mainly driven by a single day of net-selling on
6 May. Net-buying in Indonesia moderated to US$35.6m from US$251m the
week before.
 Accelerating foreign net-buying in Japan. Japan reports net-buying data
with a one-week lag. But for the week ending 29 April, foreign investors netbought
Japan by US$1.5bn, a substantial pickup from the prior week’s
US$975m and well above 52-week average of US$917m.
 Frontier markets still signal preference for risk. Aggregate foreign netbuying
for the three frontier markets where data is available (ie, Vietnam,
Pakistan and Sri-Lanka) stood at US$23m, a moderation from last week’s
US$31m but still well above the YTD average of US$7m. This is driven
primarily by net-buying in Pakistan, which after the killing of Osama bin Laden
recorded US$17m in net-buys – a 16-week high.
Fund subscriptions data: Taiwan and Greater-China escape
waning appetite
 GEM funds net-subscriptions slower but net-positive. Weekly
subscriptions to Global Emerging Markets funds moderated WoW to
US$434m from a strong week of US$1.3bn previously, but remain much
stronger than the net-negative YTD average of -US$138m.
 Emerging Asia: net-subscriptions to Pan-Asia ex-Japan regional funds
ended three-week net-positive streak. Asia ex-Japan regional funds
received net-redemptions of -US$77m vs US$245m the week before. Ten out
of 13 single-country funds received either waning net-subscriptions or
increased net-redemptions – key exceptions being China funds (easing netredemptions
WoW to -US$127m from -US$248m), Greater-China funds
(US$31m vs net-redemptions of -US$40m) and Taiwan-focused funds
(US$59m vs net-redemptions of -US$94m).
 Developed Asia: net-redeemed overall. Japan funds received -US$31m
net-redemptions – a reversal from US$108m net-subscriptions the week
before. Asia-Pacific funds (which combine Australia and New Zealand with
Japan and emerging Asia) received increased weekly net-redemptions of -
US$66m from -US$29m the week before.