Indonesia To Surpass Thailand As Southeast Asia’s Biggest Stock Market
Jan 16, 2020

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.