ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-21
Indonesia’s JCI staged a dramatic 5.65% rebound to 5,278.89, fueled by aggressive dip-buying, while Vietnam’s VN-Index remained stuck below the psychological 1,700 mark amid persistent foreign outflows. The Philippines continued its downward trend, with the PSEi hovering near the 5,600 level, as regional markets navigated diverging monetary policies and sector-specific pressures.
ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-21
Top developments
Indonesia’s JCI Rebounds Amid Foreign Selling
On Tuesday, October 20, the Jakarta Composite Index (JCI) surged 5.65% to close at 5,278.89, marking a significant recovery from previous lows. Despite the sharp index gain, foreign investors continued to engage in net selling, offloading approximately Rp2.21 trillion (approx. USD 140 million) in stocks. This divergence suggests strong domestic institutional buying absorbing foreign exits, particularly in telecommunications and technology sectors like TLKM and GOTO.
Vietnam’s VN-Index Stalls Below 1,700
Vietnam’s VN-Index recovered slightly on October 20, rising 0.13% to 1,691.97 points, but failed to reclaim the critical 1,700 threshold. Liquidity remained subdued at approximately 13,000 billion VND on the Ho Chi Minh Stock Exchange. Foreign investors maintained a net selling position of around 275 billion VND, reflecting ongoing caution despite the recent FTSE Russell emerging market upgrade implementation. Sector leaders included materials (+1.56%) and retail (+1.05%).
Thailand’s SET Pressured by Tech and Banking Stocks
The Stock Exchange of Thailand (SET) index closed down 16.78 points (-1.07%) at 1,554.94 on October 20. The decline was driven by heavy selling in technology and banking sectors, with TTB Bank dropping 6.21%. Foreign investors sold net 2.14 billion baht, contributing to the downward pressure. Analysts noted that global tech market volatility and concerns over potential debt provisioning increases in Thai banks were key negative catalysts.
Philippines PSEi Hovers Near 5,600 Support
The Philippine Stock Exchange index (PSEi) continued its bearish trend, closing near the 5,617 level as reported in recent financial updates. The market remains under pressure from economic uncertainty and foreign outflows, with the index trading significantly below its end-2025 level. The broader all shares index also declined, reflecting a lack of broad-based buying interest.
Local view
Vietnamese media outlets like VnExpress and CafeF have focused on the "one month since upgrade" narrative, highlighting that the anticipated foreign inflows have not yet materialized, with net selling continuing. In Indonesia, CNBC Indonesia and Kontan emphasized the paradox of the JCI’s strong rebound against heavy foreign net selling, noting that domestic institutions were the primary buyers. Thai financial news from Kaohoon pointed to specific stock-level pressures, particularly in the banking sector, as the main driver for the SET’s underperformance relative to its regional peers.
Context & numbers
- Vietnam VN-Index: Closed at 1,691.97 (+0.13%) on Oct 20. Foreign net sell: ~275 billion VND. Liquidity: ~13,000 billion VND.
- Indonesia JCI: Closed at 5,278.89 (+5.65%) on Oct 20. Foreign net sell: Rp2.21 trillion. Key net buys: TLKM, GOTO.
- Thailand SET: Closed at 1,554.94 (-1.07%) on Oct 20. Foreign net sell: 2.14 billion baht. Key decliners: TTB (-6.21%).
- Philippines PSEi: Hovering near 5,617.23, down from 5,736.69 in early October. The index remains ~5.2% below end-2025 levels.
On the radar
- Vietnam Liquidity Watch: Investors are watching if VN-Index liquidity improves above the recent 13,000 billion VND average to confirm a breakout above 1,700.
- Thai Bank Earnings: Upcoming bank earnings in Thailand are a key risk factor, with analysts warning of potential higher debt provisioning.
- Indonesia MSCI Review: Market participants are monitoring any further developments regarding MSCI’s assessment of Indonesian market accessibility, which has been a source of volatility.
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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