ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-09
Foreign investors continued their aggressive selling streak across Southeast Asia this week, with Vietnam’s VN-Index falling over 14 points on October 8 amid a 12-session net sell streak, while Indonesia’s IHSG dropped nearly 2% to 6,031. FTSE Russell confirmed Vietnam’s new Secondary Emerging Market status, but the upgrade has not yet stemmed the outflows in the region's largest markets.
ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-09
Top developments
Vietnam: Foreign Net Sell Streak Extends to 12 Sessions
On October 8, the VN-Index closed at approximately 1,739 points, dropping more than 14 points as foreign investors extended their net selling streak to 12 consecutive sessions. The cumulative net sell amount exceeded 11.4 trillion VND, with heavy pressure on banking, real estate, and financial service stocks despite the recent official upgrade to FTSE Russell’s Secondary Emerging Market status. The disconnect between the structural upgrade and immediate capital flows has raised concerns among local analysts about short-term liquidity pressures.
Indonesia: IHSG Plunges 1.88% Amid Global Yield Pressures
Indonesia’s composite index (IHSG/JCI) suffered a sharp decline of 1.88% on October 8, closing at 6,031.28 points, driven by rising global bond yields and a weakening rupiah. Foreign investors recorded a net sell of IDR 867.27 billion, with significant divestment in major banking stocks like BBRI and BMRI, as well as mining giant ANTM. This drop follows a brief stabilization earlier in the week, highlighting the market's sensitivity to external macroeconomic factors.
Thailand: SET Index Slides on Oil Prices and Bond Yields
Thailand’s SET index fell 14.02 points (0.88%) to close at 1,570.61 points on October 8, weighed down by rising US bond yields and higher Brent crude oil prices. Foreign investors turned net sellers again, dumping shares in prop-tech and tourism-related stocks, which were already sensitive to potential travel tax discussions. The decline comes after a brief positive session earlier in the week, reflecting renewed caution among regional investors.
Philippines: PSEi Struggles to Regain Momentum
The Philippine Stock Exchange Index (PSEi) remained under pressure, with the Mindanao Times noting that the index closed at 5,736.69 on October 7, continuing its downward trend relative to regional peers. While specific daily close data for October 8 was not immediately available in the latest briefs, the broader sentiment indicates that the Philippines is lagging behind other ASEAN markets in attracting foreign inflows, with investors looking toward Vietnam and Thailand for better relative value.
Regional Context: FTSE Russell Confirms Vietnam’s Upgrade
FTSE Russell officially published its annual classification on Tuesday, confirming Vietnam’s move from Frontier to Secondary Emerging Market status alongside Indonesia and the Philippines, while Thailand and Malaysia remain in Advanced Emerging. Despite the upgrade, which took effect in September, the immediate market reaction has been muted due to ongoing global risk-off sentiment and specific local currency pressures.
Local view
In Vietnam, Nhandan reports that selling pressure was broad-based on October 7, affecting real estate and banking sectors heavily, even as energy and retail maintained some resilience. Indonesian media outlet Investor Trust highlights that global bond yields and the rupiah's weakness are the primary burdens on the IHSG, overriding domestic corporate earnings optimism. Thai financial news Kaohoon notes that foreign and prop-tech investors were the primary sellers on October 8, driving the SET lower despite some buying support from institutional and retail investors.
Context & numbers
- VN-Index: Closed near 1,739 points on Oct 8 (down >14 points); Foreign net sell >11.4 trillion VND over 12 sessions.
- IHSG (JCI): Closed at 6,031.28 on Oct 8 (down 1.88%); Foreign net sell IDR 867.27 billion; Turnover IDR 12.79 trillion.
- SET: Closed at 1,570.61 on Oct 8 (down 14.02 points); Turnover 63.6 billion THB.
- PSEi: Closed at 5,736.69 on Oct 7.
- Trade Data: China-ASEAN trade reached 4.34 trillion yuan in H1 2026, up 18.2% YoY, providing a fundamental macroeconomic backdrop for the region.
On the radar
- Vietnam Q3 Earnings Season: Local analysts are watching for Q3 corporate earnings reports to see if fundamental strength can counteract foreign outflows, with some suggesting the VN-Index is entering a "value hunting" zone.
- Malaysia Budget 2027: Malaysia is set to table its Budget 2027 shortly after this reporting period, which could introduce fiscal policy shifts impacting the KLCI and local market sentiment.
- Rupiah Volatility: Investors are closely monitoring the Indonesian Rupiah against the USD, as currency depreciation continues to be a key driver for foreign net sells in Jakarta.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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