Yesterday saw a return to positive offshore inflow momentum for both South Korea and Taiwan. However, it remains to be seen if these recovery trends continue. Overnight tech equity weakness continued in US markets with the SOX down a further 1.55%, while the MSCI IT lost 1.44%. The technical set up for both indices doesn't look favourable, as we await Nvidia earnings (due Wednesday). Both South Korea and Taiwan net outflows have been sizable in Nov to date (more than $6bn) and both markets are back to YTD outflows, see the table below.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 326 | -940 | -2702 |
| Taiwan (USDmn) | 248 | -2420 | -1407 |
| India (USDmn)* | -525 | -668 | -16556 |
| Indonesia (USDmn) | 42 | 247 | -2046 |
| Thailand (USDmn) | 53 | -118 | -3207 |
| Malaysia (USDmn) | 4 | 105 | -4290 |
| Philippines (USDmn) | -3 | 0 | -673 |
| Total (USDmn) | 145 | -3795 | -30880 |
| * Data Up To Nov 14 |
Source: Bloomberg Finance L.P./MNI
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