东南亚指数双周报第19期：区域分化，泰国持续走强

Market Performance - Southeast Asia ETF rose by 1.24% during the period from February 14 to February 27, 2026, outperforming the US and India but underperforming Africa, Japan, the UK, Latin America, and China[3] - Thailand's iShares MSCI ETF surged by 6.76%, outperforming by 5.51 percentage points, driven by strong export growth and interest rate cuts[4] - Indonesia's iShares MSCI ETF gained 0.28%, underperforming by 0.96 percentage points, supported by economic growth and a trade agreement with the US[4] - Singapore's iShares MSCI ETF rose by 1.05%, underperforming by 0.19 percentage points, with initial gains followed by a mild consolidation due to moderating inflation[4] Country-Specific Insights - Malaysia's iShares MSCI ETF fell by 1.68%, underperforming by 2.92 percentage points, despite record-high trade data and a structural breakthrough in services trade[4] - Vietnam's Global X MSCI ETF advanced by 1.87%, outperforming by 0.63 percentage points, buoyed by record foreign inflows and optimistic long-term assessments[4] Trading Volume and Liquidity - Global X FTSE Southeast Asia ETF's trading volume decreased by 52.1% to 341,000 shares, indicating a significant drop in liquidity[14] - iShares MSCI Singapore ETF's trading volume fell by 38.8% to 5.948 million shares, reflecting a similar trend across the region[15] Economic Indicators - Thailand's January export growth reached 24.4%, the fastest since 2021, significantly boosting market sentiment[23] - Indonesia's GDP growth for 2025 is projected at 5.11%, up from 5.03% in 2024, indicating a steady economic recovery[17]