Indonesia to surpass Thailand as Southeast Asia’s biggest stock market

Indonesia is set to become the biggest equity market in the Southeast Asia region as the entire market valuation of the Indonesia Stock Exchange of $529 billion is now closing up to slumping Thailand.

Thailand, which took over the top spot from Singapore in May last year, is struggling with a strengthening baht and saw its SET Index as the region’s only benchmark to decline in the past three months.

In contrast, Indonesia’s Jakarta Composite Index has gained 5.5 per cent in US dollar terms during that period as the country’s President Joko Widodo is embarking on a new round of infrastructure projects and pursuing reforms to stimulate the fourth-most populous country in the world.

Indonesia did hold the most-valuable crown for several short periods between January and April of last year. Before 2019, Singapore was Southeast Asia’s leader the vast majority of the time since at least 2003.

Indonesia’s PT Bank Central Asia now ranks as the region’s biggest company by value at about $62 billion, ahead of Singapore’s DBS Group and Thailand’s oil conglomerate PTT.



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Indonesia is set to become the biggest equity market in the Southeast Asia region as the entire market valuation of the Indonesia Stock Exchange of $529 billion is now closing up to slumping Thailand. Thailand, which took over the top spot from Singapore in May last year, is struggling with a strengthening baht and saw its SET Index as the region’s only benchmark to decline in the past three months. In contrast, Indonesia’s Jakarta Composite Index has gained 5.5 per cent in US dollar terms during that period as the country’s President Joko Widodo is embarking on a new round...

Indonesia is set to become the biggest equity market in the Southeast Asia region as the entire market valuation of the Indonesia Stock Exchange of $529 billion is now closing up to slumping Thailand.

Thailand, which took over the top spot from Singapore in May last year, is struggling with a strengthening baht and saw its SET Index as the region’s only benchmark to decline in the past three months.

In contrast, Indonesia’s Jakarta Composite Index has gained 5.5 per cent in US dollar terms during that period as the country’s President Joko Widodo is embarking on a new round of infrastructure projects and pursuing reforms to stimulate the fourth-most populous country in the world.

Indonesia did hold the most-valuable crown for several short periods between January and April of last year. Before 2019, Singapore was Southeast Asia’s leader the vast majority of the time since at least 2003.

Indonesia’s PT Bank Central Asia now ranks as the region’s biggest company by value at about $62 billion, ahead of Singapore’s DBS Group and Thailand’s oil conglomerate PTT.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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