ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-08
Vietnam’s stock market faces a paradox as foreign investors net sold nearly 1 trillion VND in the first two trading days of September, despite the imminent FTSE Russell upgrade to Secondary Emerging Market status. Meanwhile, Indonesia's IHSG rebounded 1.01% to 6,686 on strong buying of banking stocks, while Thailand's SET index closed higher with significant foreign net inflows. Regional markets showed mixed reactions to global geopolitical tensions and local policy developments.
ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-08
Top developments
Vietnam: Foreign outflows clash with upgrade expectations
Despite the FTSE Russell reclassification to Secondary Emerging Market status taking effect on September 21, 2026, foreign investors net sold nearly 1 trillion VND (approx. $40 million) in the first two trading days of the month. The VN-Index dropped more than 31 points on September 7 to close at 1,821.64, driven by profit-taking in large-cap stocks like Vingroup (VIC). However, the index recovered slightly on September 8, rising 8.80 points as money rotated into oil and gas sectors. Analysts from Mirae Asset suggest that passive fund inflows will be gradual, and active funds are still assessing valuations before fully committing.
Indonesia: IHSG rebounds on banking strength
Indonesia's IHSG closed at 6,686.44 on September 8, gaining 1.01% after a period of volatility. Foreign investors shifted to net buying in key banking stocks such as BBCA and BBRI during the morning session of September 8. This follows a session on September 7 where the IHSG fell 0.25% to 6,619.67, with net foreign selling reaching IDR 678.55 billion. The market is currently eyeing a breakout above the 6,700 level, supported by positive momentum in mining stocks like AMMN and MDKA.
Thailand: SET gains on foreign net buying
Thailand’s SET Index closed at 1,621.89 points on September 8, up 3.07 points (+0.19%), with total trading value at THB 66.13 billion. Foreign investors were significant net buyers, purchasing approximately THB 1.32 billion worth of Thai stocks. This follows a strong session on September 7 where the SET rose 23.24 points to 1,618.82, with foreign net buying hitting THB 2.7 billion. The market has shown resilience despite global energy market turmoil, with August closing at 1,595.16 points, down 1.8% month-on-month but still up 26.6% year-to-date.
Local view
In Vietnam, Dan Tri highlights the anxiety among local investors regarding the "sell-in-good-news" phenomenon, noting that foreign outflows of over 90 trillion VND since early 2026 have not halted even as the upgrade date approaches. VTV reports that while the upgrade is expected to bring long-term passive capital, short-term liquidity remains cautious.
In Indonesia, CNBC Indonesia details that while the IHSG faced pressure on September 7 due to foreign selling of TPIA, the subsequent rebound was led by domestic institutional support and selective foreign buying in blue chips. Bloomberg Technoz notes that foreign sentiment remains cautious but reactive to specific sector news, such as the recent drop in GOTO shares which saw heavy foreign selling earlier in the week.
In Thailand, Kaohoon emphasizes that foreign capital flows have turned positive in early September, contrasting with the net selling trend seen in August where foreigners sold THB 24.68 billion. The local media views the current foreign buying as a signal of confidence in Thailand's tourism recovery and export data.
Context & numbers
- Vietnam VN-Index: Closed at ~1,830 (estimated from Sept 8 gain of 8.8 points from Sept 7 close of 1,821.64). Foreign net sell: ~1 trillion VND (first 2 days of Sept).
- Indonesia IHSG: Closed at 6,686.44 (+1.01%) on Sept 8. Foreign net buy in banking sector on Sept 8 morning; Net sell of IDR 678.55 billion on Sept 7.
- Thailand SET: Closed at 1,621.89 (+0.19%) on Sept 8. Foreign net buy: THB 1.32 billion. August monthly change: -1.8%.
- Philippines PSEi: Closed at 6,069.42 (+0.27%) on Sept 3. Volume: 1.15B shares. Net foreign selling: ₱342.25M.
- Malaysia KLCI: Market review indicates focus on macro cues and Fed-rate expectations, with key movers including Gamuda and AirAsia. No specific daily close figure provided in recent snippets, but sector rotation noted.
On the radar
- Vietnam FTSE Effective Date: September 21, 2026, marks the official effective date for Vietnam's inclusion in FTSE Russell's Secondary Emerging Market indices. Watch for pre-index rebalancing flows in the next two weeks.
- Indonesia Rupiah & Policy: Investors are monitoring Bank Indonesia's stance on interest rates amid currency fluctuations, which impacts foreign inflows into Indonesian equities.
- Global Geopolitics: Renewed hostilities in the Middle East continue to influence Asia-Pacific markets, with oil prices impacting energy-heavy sectors in Vietnam and Thailand.
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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