ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-24
Southeast Asian markets navigated a volatile week driven by global AI sector doubts and regional index reclassifications. Vietnam’s VN-Index showed resilience with a strong rebound, while Indonesia’s JCI faced pressure from a rare MSCI downgrade and persistent foreign outflows. Thailand’s SET index fluctuated between tech-driven losses and institutional buying, as the Philippines grappled with slowing foreign direct investment.
ASEAN Stocks: VN-Index, JCI, SET, PSEi and KLCI — 2026-10-24
Top developments
Vietnam: VN-Index rebounds despite foreign selling
The VN-Index closed at 1,774.15 points on October 23, rising 13.52 points (+0.77%) as banking and real estate stocks led the recovery. Despite the index's rise, foreign investors continued to sell net, offloading approximately 470 billion VND in the session. Earlier in the week, on October 21, the index had surged 46.7 points (+2.76%) to 1,738.67 points, marking a significant recovery phase for the Vietnamese market.
Indonesia: JCI faces MSCI downgrade and outflows
The Jakarta Composite Index (JCI/IHSG) closed at 5,387.91 on October 22, gaining 1.12%, but foreign investors recorded a net sell of Rp1.49 trillion. This follows a rare MSCI downgrade of the Indonesian market from "Emerging" to "Standalone" status, a move not seen in three other markets since 1997. The downgrade and subsequent outflows have pressured the rupiah and local equities, with foreign selling continuing even as the index attempted to rebound.
Thailand: SET sees mixed flows and tech pressure
Thailand's SET Index closed at 1,562.67 on October 22, up 6.58 points (+0.42%), driven by net buying of 5.57 billion baht from foreign and institutional investors. However, earlier in the week on October 20, the index fell 16.78 points to 1,554.94 due to heavy selling in tech and banking stocks amid global AI concerns. The market remains sensitive to global tech trends and local banking sector performance, with analysts advising caution on value stocks.
Philippines: FDI slowdown pressures PSEi
The Philippines' foreign direct investment (FDI) inflows are slipping as regional rivals attract more tech projects, putting pressure on Manila's economic prospects. This slowdown has contributed to a bearish sentiment in the Philippine Stock Exchange Index (PSEi), which has been trading below its end-2025 levels. The market is struggling to regain momentum as investors look to other ASEAN markets with stronger growth narratives.
Local view
Vietnam: Local media reports highlight a "green shell, red heart" phenomenon in the VN-Index, where the index rises due to a few large-cap stocks (VIC, VHM) while the majority of stocks decline. Foreign flows remain a key focus, with investors watching for sustained net buying to confirm the uptrend.
Indonesia: Indonesian financial outlets are closely monitoring the MSCI downgrade's impact on foreign capital. Reports indicate that while the IHSG showed technical strength, foreign net selling in banking stocks (BBCA, BBRI) persists, reflecting concerns over regulatory and market structure issues.
Thailand: Thai analysts are advising investors to watch the 1,545–1,565 point range for the SET index, with a focus on value stocks and upcoming corporate earnings. The market is seen as sideways, with foreign flows being the primary driver of short-term direction.
Context & numbers
- VN-Index: Closed at 1,774.15 (Oct 23), up 0.77%. Foreign net sell: ~470 billion VND.
- JCI (IHSG): Closed at 5,387.91 (Oct 22), up 1.12%. Foreign net sell: Rp1.49 trillion.
- SET Index: Closed at 1,562.67 (Oct 22), up 0.42%. Foreign/Institutional net buy: 5.57 billion baht.
- Digital Economy: Southeast Asia's digital economy is projected to hit US$368 billion in 2026, up 17% year-on-year, driven by AI adoption.
On the radar
- Vietnam FTSE Russell Upgrade: Vietnam's reclassification to Secondary Emerging Market status by FTSE Russell is locked in for September 2026, with phased implementation through September 2027. This is expected to bring long-term foreign inflows.
- Philippines FDI Watch: Investors are monitoring upcoming FDI data releases to see if the slowdown in the Philippines is a temporary dip or a structural trend compared to Vietnam and Indonesia.
- Global AI Earnings: The performance of major US tech companies continues to influence Asian tech and semiconductor stocks, particularly in Thailand and Vietnam.
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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