ASIA STOCKS: Taiwan Outflows Surge Amid Tech Equity Weakness
Large offshore selling pressures for Taiwan equities yesterday were a standout. The near $2.4bn in net selling was the largest single daily outflow since early September last year. The Taiex index fell by nearly 3% yesterday, unwinding a good chuck of the August to date rally. Broader tech concerns continued in Wednesday US trade, with the SOX down a further 0.72%. Our US team noted: Information Technology sector stocks led decliners on the day after Forbes reported the Trump administration "may seek equity in any such firms awarded federal grants under the Biden-era CHIPS Act. Lutnick said the government want to acquire an equity stake in Intel in exchange for grants earmarked under the CHIPS Act." This comes on top of recent concerns around whether the strong AI/chip demand pace can be sustained.
- South Korea also saw outflow pressures yesterday, albeit at a more moderate pace compared to Taiwan. Still, South Korea has seen nearly $900mn in outflows over the past 5 day trading days.
- For India, trends were flat in Tuesday trade from an equity flow standpoint. The headwinds from a 5 day sum standpoint have reduced though.
- In South East Asia, Indonesia inflows remained positive, but negative trends were seen evident for Thailand, while Malaysia outflow momentum picked up.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | -187 | -892 | -5333 |
| Taiwan (USDmn) | -2378 | -2944 | 1668 |
| India (USDmn)* | -1 | -282 | -12722 |
| Indonesia (USDmn) | 47 | 232 | -3233 |
| Thailand (USDmn) | -17 | -84 | -1986 |
| Malaysia (USDmn) | -50 | -168 | -3408 |
| Philippines (USDmn) | 3 | -21 | -617 |
| Total (USDmn) | -2583 | -4159 | -25631 |
| * Data Up To Aug 19 |
Source: Bloomberg Finance L.P./MNI
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OIL: Oil Range Trading As Market Watches Talks
Oil prices continued to range trade on Monday as the market awaits the outcomes of trade negotiations with the US. It also appears not to think that the latest EU restrictions against Russia will materially impact global supplies.
- WTI fell 0.4% to $67.07/bbl off the intraday low of $66.46 which followed a high of $67.76. Trading volumes were thin as the August contract will expire Tuesday. WTI crude is 3.0% higher this month. It has started trading today around $67.10 holding above initial support at $65.68, 50-day EMA.
- Brent is down 0.3% to $69.09/bbl and is now up 3.5% in July. It reached $69.83 late in APAC trading and then fell to $68.43. Initial support is at $65.92, June 30 low, while resistance is $72.66.
- Low sulphur distillate prices rose 0.7% following news that the EU would restrict Russian refined products and imports from countries that refine Russian crude. A major Indian refinery will be impacted but not until January.
- Ukraine and Russia are scheduled to meet for a third time in Turkey on Wednesday to negotiate a truce. The two sides have been unable to find common ground previously with the risk this occurs again remaining high.
ASIA: Government Bond Issuance Today
- South Korea to Sell KRW500bn 20-Year Bonds
- Hong Kong to Sell HK$12.6 Billion 182-Day Bills
- Hong Kong to Sell HK$63.431 Billion 91-Day Bills
- Bank of Thailand to Sell THB60bn of 92-Days Bills On...
- Bank Indonesia to Sell 365D SVBI Bills
- Bank Indonesia to Sell 92D SVBI Bills
- Bank Indonesia to Sell 32D SVBI Bills
- Bank Indonesia to Sell 274D SVBI Bills
- Bank Indonesia to Sell 186D SVBI Bills
- MAS to Sell S$15.5 Billion 28-Day Bills on July 22
- MAS to Sell S$1.8 Billion 255-Day Bills on July 22
- MAS to Sell S$22.1 Billion 84-Day Bills on July 22
- Philippines To Sell PHP 20.0Bln 2028 Bonds (PIBD0728D649*)
ASIA: Coming Up in Asia Today
| 0500GMT | 1200HKT | 1400AEDT | Malaysia CPI JUNE |
| 0800GMT | 1500HKT | 1700AEDT | Malaysia Foreign Reserves |
| 0900GMT | 1600HKT | 1800AEDT | Taiwan Export Orders YoY JUNE |
| 0900GMT | 1600HKT | 1800AEDT | Taiwan Unemployment Rate JUNE |
source: Bloomberg Finance LP / MNI
