ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-26

Top developments

Vietnam's first FTSE EM week: upgrade euphoria meets heavy foreign selling

Vietnam officially became a FTSE Secondary Emerging Market on September 21, with Fortune reporting the reclassification could channel up to $6 billion in foreign capital into Vietnamese companies — though banks, not exporters, are seen as the main beneficiaries.

But the week after the upgrade was volatile. On September 23, VN-Index fell more than 15 points late in the session as foreign investors returned to net selling of over VND 1,000 billion, with selling pressure hitting large-cap stocks.

VN-Index slides 26.56 points before rebounding on September 25

September 24 saw the sharpest drop of the week: VN-Index fell 26.56 points (-1.47%) to 1,775.09, with foreigners continuing to net sell over VND 520 billion in VIC and VHM. Breadth was decisively negative, with 453 decliners versus 235 gainers, and selling pressure spread from large- to mid-caps on September 23–24.

On September 25 the market bounced: VN-Index rose 10.02 points (+0.56%) to 1,785.11, though the gains were driven almost entirely by the Vingroup group ("green shell, red core" — 396 laggards), while HNX-Index slipped to 272.21.

1 sources

vietstock.vn

vietstock.vn

JCI tumbles 1.20% as Indonesia faces Rp 1.49 trillion foreign outflow

Indonesia's benchmark had one of its worst stretches of the week: on September 24, foreign investors net sold Rp 1.49 trillion across the market, pushing JCI down 1.20% to around 6,298. Large-cap bank stocks were heavily sold, including Bank Mandiri (BMRI), which alone saw Rp 987 billion net selling in the first half of that session.

On September 25, JCI closed down another 0.90% (-56.71 points) at 6,241.89, after briefly opening higher at 6,315.53 before profit-taking and continued foreign net selling took over. Earlier in the week, there had been brief foreign net buying in names like MDKA, TINS and SINI on September 23 — evidence the outflows accelerated sharply late in the week.

SET clings to gains despite sustained foreign net selling

Thailand's SET Index stayed in positive territory all week even as foreigners sold. On September 25, SET closed up 0.32% (+5.05 points) at 1,607.63 on turnover of THB 57.4 billion — despite foreign net selling of THB 3,386 million, with domestic investors and brokerage accounts absorbing the outflow. On September 22, SET gained 6.41 points to 1,604.44 against THB 3,000 million of foreign net selling, and on September 23 it added 6.26 points led by Delta with foreigners and institutions selling THB 1.45 billion combined. Kasikorn Securities expects the index to trade in a 1,590–1,620 range, and "Thais Help Thais Plus" stimulus extension is seen as a short-term economic support.

Regional divergence deepens: Singapore and Thailand lead, sentiment mixed

A regional review published this week notes ASEAN equity markets are delivering highly divergent 2026 results, with sector strength, political decisions and currency pressures reshaping the investment map across the region. No fresh verified data was found this week for PSEi or KLCI closes, foreign flows, or currency moves.

Local view

Vietnamese-language media is focused on whether the FTSE upgrade upgrade will eventually deliver inflows despite the initial reversal: Sài Gòn Đầu Tư Tài Chính described September 23's heavy foreign net selling of over VND 1,000 billion hitting pillar stocks, while Vietstock and VOH flagged late-session profit-taking concentrated in Vingroup-related large caps.

Indonesian outlets are warning of a foreign "fleeing" dynamic: Kontan and Suara both characterize the Rp 1.49 trillion outflow as "jumbo" net selling, while analysts still recommended select blue chips in response. Thai brokers urged investors to pick stocks individually, with domestic plays and AI-cybersecurity DR stocks favored as hedges against currency pressure.

Context & numbers

• FTSE adds 27 Vietnam stocks to its benchmark from September 21, 2026; places Vietnam alongside China, India, Indonesia, Qatar and the Philippines in the Secondary EM tier, below Advanced EMs Thailand and Malaysia.
• VN-Index closes this week: 1,785.11 (Sep 25, +0.56%) after 1,775.09 (Sep 24, -1.47%); HNX-Index at 272.21 on Sep 25.
• JCI: 6,241.89 close on Sep 25 (-0.90%), after a -1.20% session with Rp 1.49 trillion total-market foreign net sell.
• SET: 1,607.63 close on Sep 25 (+0.32%), THB 57.4 billion turnover, foreign net sell THB 3,386 million.
• Background: Thailand, Malaysia and Indonesia are secondary emerging markets under FTSE; the Philippines remains frontier.

On the radar

• Whether post-upgrade index fund buying in Vietnam picks up; Fortune notes the $6 billion passive-flow estimate, with banks expected to absorb most of it.
• Thailand: the expected cabinet extension of the "ไทยช่วยไทยพลัส" (Thais Help Thais Plus) stimulus program and oil-price-sensitive large caps (PTTEP, TU, KBANK named by local brokers).
• Indonesia: whether foreign net selling of big banks (BMRI named most-sold) continues after JCI's slide to 6,241.
• Rumor flag: MSCI Indonesia positioning remains a background theme from earlier year coverage — treat any downgrade speculation as unconfirmed until officially reviewed.