ASIA STOCKS: Taiwan Inflows Rebound With Tech Gains, SK Lags, SEA Mixed

The resurgence in tech/AI led global themes has clearly benefited Taiwan offshore equity inflows, but much less so South Korea. Taiwan's rolling 5-day sum of net offshore equity inflows is above +$5bn and the clear standout in the region, see the table below. Taiwan's Taiex index is pressing towards fresh record highs. South Korea's Kospi is higher as well, but well off earlier 2026 cycle highs. Offshore investor outflows from South Korea have certainly slowed in recent sessions, but Sep to date outflows remain quite wide at just beyond -$10.3bn. In contrast, Taiwan is back to -$874mn in Sep to date outflows (versus a low of near -$6.6bn back on Sep 16). The US SOX index is back close to mid Aug highs, while macro indicators from South Korea and Taiwan have been very strong this week in terms of external/chip demand (South Korean first 20-days exports rose 78.3%y/y for Sep, while Taiwan Aug export orders were up 71.4%y/y). * Elsewhere, the flow backdrop is mixed. Broader macro signals are indifferent, with oil futures comfortably off recent highs, which has helped stabilize global yields. The USD continues to track mostly higher though. * Malaysia's local equity index has recovered