🌍Winners and Losers in ASEAN Capital Markets(2016-2024)🏆

➕ Positive Portfolio Investment Inflows:

(1) Indonesia

• Stands out significantly with large net inflows, nearing USD 80 billion.

• Clear leader in attracting portfolio investments in the region.

(2) Vietnam

• Modest but positive inflows (around USD 10 billion), indicating increasing investor interest.

(3) Philippines

• Nearly balanced, with a very small net inflow or close to neutral.

➖ Negative Portfolio Investment (Net Outflows):

(4) Thailand:

• Significant net outflows (~USD 60 billion), suggesting sustained investor withdrawal or lack of confidence.

(5) Malaysia:

• Also shows large net outflows (~USD 70–75 billion), making it the country with the highest outflows among the five.

【Implications】

• Indonesia

• Strong growth potential

• Better capital market performance or reforms

• Investor confidence in macroeconomic stability

• Vietnam

• Emerging as a favorable destination but still small in scale

• Thailand and Malaysia

• Facing major investor outflows due possibly to:

  • Political or economic uncertainty

  • Currency or policy risks

  • Poor returns or limited capital market depth