东南亚指数双周报第1期：普遍承压，越南回暖-20250624

Market Overview - Southeast Asia ETF declined by 2.99% in the last two weeks (2025/06/07-2025/06/20) [4] - Thailand's market remains under pressure, with the iShares MSCI Thailand ETF dropping by 6.41%, underperforming by 3.42 percentage points [5] - Vietnam's market showed signs of recovery, with the Global X MSCI Vietnam ETF decreasing only by 0.48%, outperforming by 2.52 percentage points [5] Country-Specific Performance - Indonesia's iShares MSCI ETF fell by 4.70%, underperforming by 1.71 percentage points, despite a brief recovery due to policy stimulus [5] - Singapore's iShares MSCI ETF decreased by 2.87%, slightly outperforming by 0.13 percentage points, as profit-taking occurred after a sustained rise since April [5] - Malaysia's iShares MSCI ETF dropped by 1.40%, outperforming by 1.59 percentage points, indicating a weak market adjustment phase [5] Trading Volume and Liquidity - Global X FTSE Southeast Asia ETF's trading volume fell by 65.4% to 112,000 shares [9] - Indonesia's trading volume increased by 50.7% to 7.297 million shares, while Singapore's volume decreased by 21.4% to 3.743 million shares [9] - Vietnam's trading volume decreased by 42.9% to 76,000 shares, reflecting low market liquidity [9] Economic and Political Risks - Thailand faces political instability and geopolitical risks, contributing to a consumer confidence index drop to 54.2 in May [19] - Indonesia's government introduced a $1.5 billion economic stimulus to counteract downward economic pressures [13] - Vietnam's market remains uncertain due to ongoing trade negotiations with the U.S. and geopolitical tensions in the Middle East [24]