ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-02

Top developments

Vietnam’s VN-Index Breaks 1,800 on Foreign Inflows and Upgrade Hopes

On August 26, the VN-Index closed at 1,821.32 points, rising nearly 30 points (+1.67%) to decisively break the psychological resistance of 1,800. This rally was supported by foreign investors who recorded net buying for five consecutive trading sessions, with significant inflows into blue-chip stocks like FPT, TCB, and PNJ. The market sentiment is heavily influenced by the upcoming reclassification of Vietnam from Frontier to Secondary Emerging Market status by FTSE Russell, effective September 21, 2026, which is expected to drive further institutional capital allocation.

Thailand’s SET Slips Amid Middle East Tensions and Fed Watch

Thailand’s SET index closed at 1,575.07 points on September 2, down 13.61 points (-0.86%), as global risk aversion led to selling in large-cap stocks. Investors reduced positions in major names like DELTA, AOT, and ADVANC due to heightened concerns over conflict in the Middle East and uncertainty regarding US Federal Reserve interest rate decisions. Despite a brief rebound earlier in the week driven by bond yield declines, the index struggled to hold gains above 1,600 points, reflecting cautious sentiment among both foreign and institutional investors.

Indonesia’s IHSG Ends August Strong but Faces Weekly Net Sell Pressure

The Jakarta Composite Index (IHSG) closed August 31 at 6,525.48, up 0.11% for the day, marking a strong monthly gain of 5.48% despite being down 24.53% year-to-date. However, foreign investors recorded a net sell of Rp1.31 trillion during the week of August 24–28, indicating persistent outflows despite the index's resilience. On September 2, the IHSG rose 1.14% to 6,599.94, but foreign net selling continued, particularly in tech stocks like GOTO.

Local view

In Vietnam, local media highlights the "post-holiday effect" and the potential for a "upgrade push" as the market reopens after the National Day holiday on September 2. Tien Phong notes that while historical data suggests mixed performance post-holiday, the current momentum and foreign buying streak could lead to a breakthrough toward the 1,850-point resistance level. Chau Xuan Nguyen reports emphasize the quality of the rally, noting that foreign participation has balanced the market, reducing reliance on domestic retail speculation.

In Thailand, Kaohoon International analysts point to "risk-off" behavior driven by external geopolitical shocks rather than domestic fundamentals. The local focus is on how the Bank of Thailand's policy stance and bond yields will interact with global rate expectations to stabilize the SET.

Context & numbers

• Vietnam (VN-Index): Closed at ~1,821.32 (Aug 26); Foreign net buy for 5 consecutive days; FTSE Russell upgrade effective Sept 21, 2026.
• Indonesia (IHSG): Closed at 6,599.94 (Sept 2); Aug monthly gain +5.48%; YTD -24.53%; Weekly foreign net sell Rp1.31 trillion.
• Thailand (SET): Closed at 1,575.07 (Sept 2); Down 13.61 points; Foreign and institutional investors reducing exposure to large caps.
• Philippines (PSEi): No fresh daily close data available for the past 7 days in the provided sources; last available reference was mid-August.
• Malaysia (KLCI): No specific recent close data provided in the search results for the past week.

On the radar

• Vietnam FTSE Upgrade Implementation: The phased inclusion of Vietnamese equities into FTSE Russell global indices begins September 21, 2026, likely driving continued foreign inflows into top-cap stocks.
• Middle East Geopolitical Risk: Thai and broader ASEAN markets remain sensitive to escalations in the Middle East, which have recently triggered risk-off selling in large-cap stocks.
• US Fed Rate Decisions: Investors are closely watching US economic data and Federal Reserve comments for direction on interest rates, impacting currency stability and foreign fund flows across the region.