ASEAN Macro Daily(Beta Mode)
ID Growth Accelerates, SET Rallies
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,723.32 | -1.98% |
| SET | 1,517.26 | +2.27% |
| KLCI | 1,746.31 | -0.24% |
| PSEi | 5,946.78 | -0.42% |
| STI | 5,003.96 | +1.17% |
| USD/IDR | 17,492.00 | -0.32% |
| USD/THB | 32.41 | +0.15% |
| USD/MYR | 3.93 | -0.04% |
| USD/PHP | 61.52 | +0.33% |
| USD/SGD | 1.28 | +0.32% |
| Brent Crude | 106.10 | +0.44% |
| Gold | 4,663.20 | -0.73% |
| Bitcoin | 81,436.13 | +2.72% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
JCI vs SET Indices | Type: market_hloc | JCI Index: 6723 (2026-05-13) | Range: 6723–8396 | Trend(6pt): 8310,7337,7027,7542,6859,6723 | SET Index: 1517 (2026-05-13) | Range: 1383–1534 | Trend(5pt): 1438,1383,1447,1480,1517
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| GDP Growth Quarter-over-Quarter | 1.90 | - | 22:30 |
| GDP Growth Year-over-Year | 2.50 | - | 22:30 |
| Inflation Rate Month-over-Month | 0.30 | - | 00:00 |
| Inflation Rate Year-over-Year | 1.70 | - | 00:00 |
| Central Bank Interest Rate Decision | 4.75 | - | 03:30 |
- Indonesia's Q1 GDP surged to 5.6% y/y, beating estimates amid resilient commodity exports despite global headwinds.
- Thai equities led regional gains with SET up 2.27%, buoyed by optimistic growth forecasts topping 3% on investment inflows.
- Currencies mixed versus USD, with IDR strengthening 0.32% while PHP weakened 0.33%, reflecting divergent policy stances.
Yesterday's Recap
ASEAN equities closed mixed amid volatile commodity prices and global uncertainty, with Thailand's SET index surging 2.27% to 1,517.26 on positive growth outlooks from the finance minister projecting over 3% expansion in the next 1-2 years driven by new investments. Indonesia's JCI fell 1.98% to 6,723.32, pressured by rupiah volatility despite news of Q1 GDP accelerating to 5.6% y/y, the fastest in over three years, fueled by government spending and commodity resilience. Malaysia's KLCI dipped 0.24% to 1,746.31, while the ringgit held steady with USD/MYR down 0.04% to 3.93, supported by central bank holdings in sovereign bonds.
Philippines' PSEi declined 0.42% to 5,946.78 amid peso weakness, with USD/PHP up 0.33% to 61.52, as markets eyed hedging signals from BSP amid oil shocks. Singapore's STI rose 1.17% to 5,003.96, benefiting from its financial hub status, though no major data releases occurred. Vietnam was not highlighted in daily moves, but ongoing manufacturing shifts continue to underpin its appeal.
Brent crude edged up 0.44% to 106.10, influencing energy-dependent economies like Indonesia and Malaysia.
The Day Ahead
Investors will monitor Thailand's Q1 GDP growth data on May 18, with quarter-over-quarter expected around prior 1.9% and year-over-year near 2.5%, potentially influencing BoT's stimulus views amid tourism recovery. Malaysia's April inflation releases on May 19 could show month-over-month at 0.3% previous and year-over-year at 1.7%, testing BNM's steady rate stance amid Middle East risks. Indonesia's BI rate decision on May 20 is key, with the benchmark at 4.75% likely held to defend the rupiah against capital outflows.
No immediate events for Philippines, Singapore, or Vietnam, but broader FDI flows into Vietnam's electronics sector remain a watchpoint. Corporate earnings from regional firms may add volatility, especially in Singapore's financials.
Other Economic Notes
ASEAN economies are navigating supply chain diversification from China and US tensions, with Vietnam emerging as a prime manufacturing hub for electronics exports, while Indonesia leverages commodity booms in nickel and palm oil. Tourism-dependent Thailand and Malaysia face headwinds from slower recovery, but remittance inflows bolster Philippines' consumption amid peso pressures. Structural divergences persist, with Singapore's financial services providing stability against commodity volatility in larger peers like Indonesia.
