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Weekly Fund Flow Tracker
Selling first, asking questions later
Local exchange data: Record foreign selling in Asia
Net-selling driven by exodus from Taiwan and Korea. The week ending
Wednesday, August 10, marked record-high foreign net-selling of -US$9.7bn
for the aggregate of the six Asia ex-Japan markets where data is available
(i.e. Korea, Taiwan, India, Thailand, Indonesia and the Philippines) triggered
by prevailing fears of a global demand slump and Europe’s debt crisis. Key
drivers were record-level weekly foreign net-selling of -US$4.1bn in Taiwan, a
post-GFC high of -US$3.2bn net-selling in Korea, and 11-week high of -
US$1.0bn net-selling in India.
TIPs failed to escape foreign selling... Southeast Asia was net sold by a
combined -US$1.3bn, bucking its against-the-grain positive trend since the
beginning of July, 2011. This subsumed net-selling of -US$726m in Thailand
– a level not seen since end-2006 – and net-selling in Indonesia and the
Philippines of -US$480m and -US105m, respectively.
…neither did frontier markets. Pakistan recorded net-selling of -US$9.5m,
followed by -US$6.9m in Vietnam and -US$4.6 in Sri-Lanka.
Foreign net-selling in Japan intensified. Japan data comes with a delay,
but for the week ending Friday, August 5, Japan recorded net-selling of
-US$3.8bn, the highest level since March 2010.
Fund subscriptions data: Japan subscriptions pick up
GEM-fund redemption at 27-week high. As risk aversion intensified across
global equity markets, weekly net-redemptions at broad Global Emerging
Market funds received net-redemptions of US$3.2bn, the highest level since
February 2011.
Emerging Asia: net-redemptions across the region, except Philippines.
Pan-regional Asia ex-Japan funds, as in the case of GEM funds, saw their
highest level of weekly net-redemptions since February (at -US$1.25bn).
Almost every single-country fund category suffered net-redemptions, except
Philippines-dedicated funds (which recorded weekly net-subscriptions of
US$3.3m vs. -US$1.2m net-redemptions the week before). The largest netredemptions
were in Hong Kong-, India- and Taiwan- and Korea-dedicated
funds.
Developed Asia: Japan fund subscriptions picked up. Noticeably, Japandedicated
funds received net-subscriptions of US$623m, compared to netredemptions
of -US$20m the week before. On the other hand, redemptions in
the Asia-Pacific funds (which combine Australia, New Zealand and Japan with
emerging Asia) intensified over 50% WoW (to -US$137m vs. -US$90m) –
probably reflecting the degree to which Australian performance is seen as
more correlated with Emerging Asia (particularly China).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Weekly Fund Flow Tracker
Selling first, asking questions later
Local exchange data: Record foreign selling in Asia
Net-selling driven by exodus from Taiwan and Korea. The week ending
Wednesday, August 10, marked record-high foreign net-selling of -US$9.7bn
for the aggregate of the six Asia ex-Japan markets where data is available
(i.e. Korea, Taiwan, India, Thailand, Indonesia and the Philippines) triggered
by prevailing fears of a global demand slump and Europe’s debt crisis. Key
drivers were record-level weekly foreign net-selling of -US$4.1bn in Taiwan, a
post-GFC high of -US$3.2bn net-selling in Korea, and 11-week high of -
US$1.0bn net-selling in India.
TIPs failed to escape foreign selling... Southeast Asia was net sold by a
combined -US$1.3bn, bucking its against-the-grain positive trend since the
beginning of July, 2011. This subsumed net-selling of -US$726m in Thailand
– a level not seen since end-2006 – and net-selling in Indonesia and the
Philippines of -US$480m and -US105m, respectively.
…neither did frontier markets. Pakistan recorded net-selling of -US$9.5m,
followed by -US$6.9m in Vietnam and -US$4.6 in Sri-Lanka.
Foreign net-selling in Japan intensified. Japan data comes with a delay,
but for the week ending Friday, August 5, Japan recorded net-selling of
-US$3.8bn, the highest level since March 2010.
Fund subscriptions data: Japan subscriptions pick up
GEM-fund redemption at 27-week high. As risk aversion intensified across
global equity markets, weekly net-redemptions at broad Global Emerging
Market funds received net-redemptions of US$3.2bn, the highest level since
February 2011.
Emerging Asia: net-redemptions across the region, except Philippines.
Pan-regional Asia ex-Japan funds, as in the case of GEM funds, saw their
highest level of weekly net-redemptions since February (at -US$1.25bn).
Almost every single-country fund category suffered net-redemptions, except
Philippines-dedicated funds (which recorded weekly net-subscriptions of
US$3.3m vs. -US$1.2m net-redemptions the week before). The largest netredemptions
were in Hong Kong-, India- and Taiwan- and Korea-dedicated
funds.
Developed Asia: Japan fund subscriptions picked up. Noticeably, Japandedicated
funds received net-subscriptions of US$623m, compared to netredemptions
of -US$20m the week before. On the other hand, redemptions in
the Asia-Pacific funds (which combine Australia, New Zealand and Japan with
emerging Asia) intensified over 50% WoW (to -US$137m vs. -US$90m) –
probably reflecting the degree to which Australian performance is seen as
more correlated with Emerging Asia (particularly China).
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