ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-09-14

Top developments

Vietnam VN-Index breaches 1,800-point support

The VN-Index closed at 1,795.21 points on September 11, marking a decline of over 34 points and breaking below the psychological 1,800-point threshold for the first time in recent weeks. This drop occurred despite the imminent FTSE Russell upgrade to Secondary Emerging Market status, as foreign investors engaged in net selling of approximately 870 billion VND (approx. $35 million) on that day alone. The sell-off was broad-based, affecting hundreds of stocks, with liquidity surging as domestic investors also reduced exposure amid cautious sentiment.

1 sources

tienphong.vn

tienphong.vn

Indonesia’s IHSG suffers Rp3.36 trillion weekly foreign outflow

Indonesia's Jakarta Composite Index (JCI/IHSG) recorded a weekly net foreign sell-off of Rp3.36 trillion (approx. $191.3 million) between September 7 and September 11. On September 10 alone, the IHSG fell 1.29% to 6,591.90 points, driven by a massive single-day foreign net sell of Rp1.95 trillion. Key stocks such as BBCA faced significant selling pressure, although some blue-chips like BRI saw modest foreign accumulation.

Thailand SET drops on Middle East tensions

The Stock Exchange of Thailand (SET) index closed at 1,604.52 points on September 11, down 10.55 points (-0.65%), as investors sought to reduce risk amid renewed hostilities in the Middle East. Foreign investors were net sellers of Thai equities, contributing to the downward pressure alongside local institutional selling. The market turnover stood at 71.2 billion baht, reflecting heightened caution ahead of US inflation data releases.

Regional foreign flows end nine-month streak in August

Data released this week indicates that foreign investors returned to net buying in Asian equities in August, ending a nine-month period of net selling. Foreign funds bought $4.7 billion in Asian equities, driven largely by strong earnings in AI-linked tech sectors in Taiwan and India. While Southeast Asian markets posted mixed flows, this regional shift provides a potential backdrop for future capital inflows, even as short-term volatility persists in Vietnam and Indonesia.

Local view

Vietnamese media outlets like Tien Phong and VietnamPlus have focused heavily on the "psychological break" below 1,800 points, questioning why the FTSE upgrade narrative has not yet translated into sustained buying from foreign funds. Analysts cited by Dan Tri note that the "sell-the-news" phenomenon may be at play, with global macro factors currently outweighing domestic structural reforms. In Indonesia, CNBC Indonesia highlights the specific impact on large-cap stocks like BBCA, suggesting that foreign outflows are concentrated in liquid blue-chips rather than being a broad market collapse.

Context & numbers

• VN-Index: Closed at 1,795.21 (Sept 11), down >34 points. Foreign net sell: ~870 billion VND (Sept 11).
• IHSG (Indonesia): Closed at 6,591.90 (Sept 10), down 1.29%. Weekly foreign net sell: Rp3.36 trillion ($191.3 million).
• SET (Thailand): Closed at 1,604.52 (Sept 11), down 0.65%. Turnover: 71.2 billion baht.
• PSEi (Philippines): No specific daily close data available for the Sept 7-14 period in current search results; last confirmed close was Sept 3 at 6,069.42.
• KLCI (Malaysia): No specific daily close data available for the Sept 7-14 period in current search results.

On the radar

• FTSE Russell Upgrade Effective Date: Vietnam's reclassification to Secondary Emerging Market status is scheduled to take effect on September 21, 2026. Market participants are watching for pre-upgrade positioning by index-tracking funds.
• ETF Rebalancing: September is a month of periodic restructuring for three major foreign ETFs investing in Vietnam, which could lead to increased volatility and volume as portfolios are adjusted.
• US CPI Data: Thai and broader ASEAN markets are sensitive to upcoming US inflation data, which will influence Fed rate expectations and consequently foreign flows into emerging markets.