ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-12
ASEAN markets faced renewed volatility this week, driven by escalating Middle East tensions and diverging foreign investor flows. Vietnam’s VN-Index broke below the psychological 1,800-point mark despite the imminent FTSE Russell upgrade, while Indonesia’s JCI suffered significant foreign outflows. Thai and Philippine indices also closed lower as global risk aversion impacted emerging market sentiment across the region.
ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-12
Top developments
Vietnam VN-Index breaks below 1,800 amid foreign selling
On September 11, the VN-Index fell more than 34 points to close at 1,795.21, marking a break below the key 1,800-point threshold. Despite the upcoming FTSE Russell reclassification to Emerging Market status scheduled for September 21, foreign investors sold net nearly 870 billion VND (approx. $35 million) on the day, with heavy selling in banking stocks like STB. This divergence between index mechanics and fundamental flow has raised concerns among local analysts about short-term liquidity pressures.
Indonesia JCI drops sharply on massive foreign net sell
The Jakarta Composite Index (JCI) experienced a two-day decline, closing at 6,589.33 on September 10 after falling 1.33%. The drop was primarily driven by foreign investors who recorded a net sell of Rp1.95 trillion (approx. $120 million). On September 11, the pressure continued with an additional Rp2.76 trillion in foreign outflows during the first session, pushing the index down another 1.50%. Key commodity stocks were heavily liquidated by foreign funds despite some domestic accumulation.
Thailand SET closes lower on Middle East risk-off sentiment
Thailand’s SET Index closed at 1,604.52 on September 11, down 10.55 points (-0.65%), as investors reduced risk exposure due to heightened tensions in the Middle East. Foreign investors were net sellers of approximately 3.6 billion baht on the day, reversing some of the previous week's gains. The total value of trade reached 71.2 billion baht, reflecting cautious positioning ahead of potential further geopolitical escalation.
Philippines PSEi sees modest foreign selling
The Philippine Stock Exchange Index (PSEi) has shown resilience but faces steady foreign outflows. While specific daily close data for mid-September is limited in recent reports, the trend from early September indicates persistent net foreign selling. On September 3, the PSEi closed at 6,069.42 with a net foreign sell of ₱342.25 million. The broader trend suggests that while the index remains stable, foreign participation is cautious, keeping volumes moderate compared to regional peers.
Local view
Local media in Vietnam, particularly Dan Tri and Tien Phong, highlighted the disconnect between the "upgrade hype" and actual market performance, noting that foreign funds are using the liquidity provided by the upgrade anticipation to exit positions rather than enter. In Indonesia, CNBC Indonesia focused on the specific stocks being dumped by foreigners, noting that while the overall market fell, there was selective buying in banking and consumer staples by domestic institutions. Thai media outlets like Kaohoon emphasized that the SET's decline was largely external, driven by global oil price spikes and US bond yield fluctuations, rather than domestic economic weakness.
Context & numbers
- Vietnam (VN-Index): Closed at 1,795.21 (Sept 11); Foreign net sell ~870 billion VND.
- Indonesia (JCI): Closed at 6,589.33 (Sept 10); Foreign net sell Rp1.95 trillion.
- Thailand (SET): Closed at 1,604.52 (Sept 11); Foreign net sell ~3.6 billion baht.
- Philippines (PSEi): Recent trend shows net foreign selling; Sept 3 close at 6,069.42.
- Policy: FTSE Russell upgrade for Vietnam is effective September 21, 2026.
On the radar
- FTSE Russell Implementation: Watch for increased volume and potential volatility around September 21, 2026, as passive funds rebalance to include Vietnamese stocks in the Emerging Market index.
- Middle East Developments: Any further escalation in US-Iran tensions could trigger further risk-off moves in ASEAN equities, particularly in oil-importing nations like Thailand and Indonesia.
- US CPI Data: Upcoming US inflation data will influence global bond yields and potentially impact foreign flows into Asian markets.
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.
Powered by
