Malaysia rebounds as ASEAN neighbors falter — resilience tested, fundamentals intact.
A wave of global market turmoil swept across ASEAN exchanges last week, erasing billions in value and underscoring the region’s vulnerability to external shocks. While Indonesia and Thailand bore the steepest losses, Malaysia’s Bursa Malaysia rebounded above the 1,700 mark, positioning itself as relatively resilient amid the storm.
ASEAN Stock Market Performance (March 2–10, 2026)
| Country / Exchange | Latest Performance | Key Drivers |
|---|---|---|
| Indonesia (JCI) | Fell 7.89% during Mar 2–6 to 7,585.69; market cap down $68.6B | Foreign net sell Rp263B; rupiah near 17,000/USD; capital flight intensified. |
| Malaysia (FBM KLCI) | Dropped 2.55% to 1,674.17 on Mar 9, then rebounded 1.64% to 1,701.68 on Mar 10 | Brent crude spike, Middle East tensions; rebound on easing war fears and stronger industrial output. |
| Singapore (STI) | Closed 4,756.61 on Mar 9, down 1.89% daily and 4.18% monthly | Aviation and banking counters hit; MAS monitoring capital flows. |
| Thailand (SET Index) | Closed 1,382.97 on Mar 9, down 1.94% in one session; fluctuating around 1,410 on Mar 10 | Investor confidence weakened by governance scandals and oil import fears. |
| Philippines (PSEi) | Fell to 6,006 on Mar 9, down 4.97% daily and 7.23% monthly | Inflation concerns, foreign outflows; weakest since 2018 highs. |
| Vietnam (VN-Index) | Lost 113 points (1,880 → 1,767) Mar 2–6; plunged 6.43% to 1,653 on Mar 9, rebounded to 1,684 on Mar 10 | Heavy foreign sell-offs, but domestic investors cushioned; still up ~26% YoY. |
Country Insights
- Indonesia: The hardest hit, with nearly $70B wiped out in one week. Reliance on foreign capital flows magnified the shock.
- Malaysia: Bursa fell sharply on Mar 9 but rebounded above 1,700 the next day, showing resilience. Analysts project 11% annual earnings growth, reinforcing Malaysia’s fundamentals.
- Singapore: Down nearly 2% on Mar 9, extending monthly losses. Sensitive to global trade and energy costs.
- Thailand: Fell below 1,385, reflecting fragile investor confidence. Slight recovery Mar 10 but outlook remains cautious.
- Philippines: Sharp correction, down nearly 5% in one day, highlighting vulnerability to inflation and capital flight.
- Vietnam: Volatile but structurally strong; despite heavy sell-offs, domestic investors supported rebound. Still one of ASEAN’s best performers year-on-year.
Regional Takeaways
- Indonesia and Thailand: Most vulnerable, steepest losses tied to foreign capital flight and fragile investor confidence.
- Malaysia and Singapore: Moderate declines, cushioned by diversified economies and regulatory oversight.
- Philippines and Vietnam: Volatile but supported by strong domestic investor bases.
Outlook
Analysts expect ASEAN markets to stabilize gradually as inflation cools and capital flows normalize. Malaysia’s fundamentals, coupled with its diversified economy, position it as a relative safe haven in the region. However, volatility will persist until geopolitical tensions ease and global monetary policy stabilizes.