ASEAN Macro Daily(Beta Mode)
ASEAN Stocks Plunge on Oil Drop
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 7,337.37 | -3.27% |
| SET | 1,382.97 | -1.94% |
| KLCI | 1,674.17 | -2.55% |
| PSEi | 6,006.22 | -4.97% |
| STI | 4,756.61 | -1.89% |
| USD/IDR | 16,832.00 | -0.48% |
| USD/THB | 31.67 | -0.25% |
| USD/MYR | 3.96 | +0.32% |
| USD/PHP | 59.21 | +0.74% |
| USD/SGD | 1.27 | -0.43% |
| Brent Crude | 88.69 | -4.32% |
| Gold | 5,148.70 | +0.05% |
| Bitcoin | 68,802.87 | +4.29% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
PSEi Philippines Index | Type: market_hloc | PSEi Price: 6006 (2026-03-09) | Range: 5921–6625 | Trend(6pt): 5977,6165,6333,6471,6381,6006
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Headline Unemployment Rate | 4.40 | - | 17:00 |
- ASEAN equities tumbled amid Middle East tensions, with PSEi down 4.97% as Brent crude fell 4.32% to $88.69.
- Currencies mixed vs USD; PHP weakened 0.74% to 59.21 on remittance risks, IDR strengthened 0.48% to 16,832.00.
- Central banks diverge: BoT surprises with rate cut, BNM holds amid war risks.
Yesterday's Recap
ASEAN equity markets posted sharp declines on March 8, fueled by Middle East conflict escalation and a 4.32% Brent crude drop to $88.69, pressuring commodity-exposed economies. Indonesia's JCI fell 3.27% to 7,337.37, hit by Fitch's negative outlook cut citing uncertainty, with commodity stocks vulnerable to oil volatility. Thailand's SET dropped 1.94% to 1,382.97, despite BoT's unexpected rate cut in a 4-2 vote to aid recovery, as tourism faced headwinds from regional tensions.
Malaysia's KLCI slid 2.55% to 1,674.17, reflecting BNM warnings on intensified Middle East risks, with exporters eyeing supply chain issues. The Philippines' PSEi plunged 4.97% to 6,006.22, worsened by peso depreciation to 59.21 vs USD (+0.74%) and oil price threats to inflation, potentially prompting BSP hikes. Singapore's STI declined 1.89% to 4,756.61, tempering recent gains above 5,000 driven by SGD strength and market measures, amid energy price concerns.
FX movements varied, with USD/MYR up 0.32% to 3.96 on hike expectations, while USD/IDR fell 0.48% to 16,832.00, USD/THB down 0.25% to 31.67, USD/SGD down 0.43% to 1.27, and USD/PHP up 0.74%. Gold edged up 0.05% to $5,148.70 as a haven, Bitcoin rose 4.29% to $68,802.87.
The Day Ahead
Focus shifts to Philippines' headline unemployment rate on March 12 at 17:00 ET, previous 4.4% with no consensus, offering insights into labor resilience amid Middle East remittance risks. Indonesia plans MSCI meeting this week on capital reforms post-rout, potentially easing sentiment after Fitch cut. Thailand's tourism adapts to West Asian tensions, with reports on strategic responses to visitor shifts.
Malaysia's recent Q4 GDP poll suggests fastest growth in over a year, possibly shaping BNM guidance. Singapore tracks Iran developments closely, with DPM Gan Kim Yong noting potential GDP forecast reviews if energy prices rise. No key Vietnam events, but supply chain shifts in manufacturing remain relevant.
Other Economic Notes
ASEAN shows supply chain resilience, with Thailand and Vietnam gaining from friendshoring as Chinese EV makers hold cost edges over Western rivals per Rhodium Group. Indonesia's exports like nickel face oversupply and MSCI risks, but bond auctions indicate contained stress ahead of BI decision. (cont...)
