PinchuTV ASEAN and Hong Kong Market Wrap | 3–7 August 2026
The Philippine market began the week with a convincing jump, then spent the next four sessions giving much of it back. The PSEi still finished in positive territory, but Indonesia and Vietnam delivered the stronger performances across the seven markets covered this week.
At the same time, the latest Philippine data presented an awkward combination: inflation eased slightly, while economic growth remained weak. It was not a disastrous week, but it was not an easy one to interpret either.
This article is a personal market journal, not investment advice or a recommendation to buy or sell any security.
Seven Markets at a Glance
| Rank | Market | Weekly close | Weekly change |
|---|---|---|---|
| 1 | Indonesia — Jakarta Composite Index | 6,409.65 | +2.78% |
| 2 | Vietnam — VN Index | 1,768.06 | +1.86% |
| 3 | Singapore — Straits Times Index | 5,698.43 | +1.24% |
| 4 | Philippines — PSEi | 6,290.35 | +0.86% |
| 5 | Malaysia — FTSE Bursa Malaysia KLCI | 1,735.75 | +0.63% |
| 6 | Thailand — SET Index | 1,612.00 | −0.72% |
| 7 | Hong Kong — Hang Seng Index | 25,668.03 | −0.84% |
Five markets advanced and two declined. Indonesia led the group, while Hong Kong recorded the largest weekly fall.
Philippines: Monday Did Most of the Work
The PSEi rose from 6,236.44 at the end of the previous week to 6,290.35 on Friday. That was a gain of 53.91 points, or 0.86%.
- Monday: 6,334.72, up 1.58%
- Tuesday: 6,296.64, down 0.60%
- Wednesday: 6,286.31, down 0.16%
- Thursday: 6,277.95, down 0.13%
- Friday: 6,290.35, up 0.20%
Monday created almost the entire weekly gain. The index moved above 6,300, but then declined for three consecutive sessions before a modest recovery on Friday.
That makes the weekly result positive, but not especially convincing. The market crossed 6,300 without establishing it as a new floor. For next week, the first question is simple: can the PSEi move back above that level and stay there?
Inflation Eased, but Growth Stayed Soft
Philippine headline inflation slowed to 6.2% in July from 6.4% in June, according to the Philippine Statistics Authority. Food inflation was 5.3%, while core inflation eased to 4.2%.
The improvement is welcome, but inflation remains high. It also arrived alongside second-quarter GDP growth of only 2.3% year on year. On a seasonally adjusted basis, the economy expanded by 0.6% from the previous quarter.
For investors, this is an uncomfortable mix. Price pressures are becoming slightly less severe, but economic momentum is not strong. It is therefore too early to treat the inflation figure as an all-clear signal. Company earnings, margins and consumer demand still need to be examined one business at a time.
Maynilad Joins the PSEi
The other major Philippine development was the addition of Maynilad Water Services, Inc. (MYNLD) to the PSEi from 3 August. It replaced Converge ICT Solutions, Inc. (CNVRG).
Joining the benchmark does not change Maynilad’s earnings overnight. It can, however, increase attention from index-tracking funds and institutional investors whose portfolios are measured against the PSEi.
The underlying water business remains more important than index membership. Regulation, tariff decisions, capital expenditure and borrowing costs will continue to shape Maynilad’s performance.
I own Maynilad shares, so seeing the company enter the main index was personally encouraging. Still, it is a reason to keep following the company, not a reason to stop checking the numbers.
Around ASEAN and Hong Kong
Indonesia: The Week’s Clear Leader
The Jakarta Composite Index gained 2.78% to close at 6,409.65, the best performance among the seven markets.
Bank Indonesia’s second-quarter business survey also reported stronger business activity than in the previous quarter. The survey does not prove that improved activity caused the stock market rally, but it provides useful context for the domestic economy.
After such a strong week, the next test is whether the index can hold above 6,400 without relying on only a handful of large companies.
Vietnam: Strong Growth, Fast Market
The VN Index rose 1.86% to 1,768.06. Most of the advance came early in the week, followed by a quieter second half.
Vietnam’s economy expanded by 8.39% year on year in the second quarter and by 8.18% in the first half of 2026. Realised foreign direct investment reached US$13.03 billion in the first half, up 11.2% from a year earlier.
Those figures support the long-term growth story, but rapid economic expansion does not guarantee a weekly rise in share prices. The VN Index is approaching 1,800, making the pace of any further advance worth watching.
Singapore: A Two-Day Recovery
The Straits Times Index gained 1.24% to 5,698.43. The index fell below 5,600 on Wednesday, then rose by more than 1% on both Thursday and Friday.
The week also included announcements from DBS Group Holdings Ltd. (D05), Oversea-Chinese Banking Corporation Limited (O39) and United Overseas Bank Limited (U11). Singapore’s large banks carry significant weight in the market, although the index rally should not be attributed to their results alone.
The Singapore market will be closed on Monday, 10 August, for the National Day public holiday.
Malaysia: Positive, but Below 1,750
The FTSE Bursa Malaysia KLCI rose 0.63% to 1,735.75. It reached 1,748.17 on Wednesday before losing momentum in the final two sessions.
Malaysia’s advance estimate showed second-quarter GDP growth of 5.8% year on year and first-half growth of 5.6%. The full GDP estimate is due on 14 August. That release should provide more detail on the contribution from domestic demand, trade and individual industries.
Thailand: Four Down Days
The SET Index declined 0.72% to 1,612.00. Four of the five sessions ended lower, although none produced an extreme one-day fall.
This was a week of gradual weakness rather than panic. The first technical question for next week is whether the index can remain above 1,600. The Thai market will be closed on Wednesday, 12 August, for the Queen Mother’s Birthday holiday.
Hong Kong: 26,000 Did Not Hold
The Hang Seng Index fell 0.84% to 25,668.03. It moved above 26,000 on Monday, but a 1.49% decline on Thursday pulled the weekly result into negative territory.
Friday’s recovery was not enough to reverse the damage. The next useful levels to watch are roughly 25,500 on the downside and 26,000 on the upside. A single rebound would not be enough to confirm a change in direction.
My Portfolio Note
This week, I made small additions to four Philippine holdings:
- Jollibee Foods Corporation (JFC)
- JG Summit Holdings, Inc. (JGS)
- Ayala Land, Inc. (ALI)
- RL Commercial REIT, Inc. (RCR)
The idea was not to make one large bet. I preferred to add gradually while continuing to watch company results and the broader economy. My total portfolio value and total gain or loss remain private.
What I Am Watching Next Week
- Whether the PSEi can reclaim and hold 6,300
- Malaysia’s full second-quarter GDP estimate on 14 August
- Whether Indonesia can consolidate above 6,400
- Whether Vietnam can move closer to 1,800 without a sharp pullback
- The shortened trading weeks in Singapore and Thailand
Final Thought
The Philippines finished higher, but Monday did most of the work. Indonesia and Vietnam had the stronger momentum, while Thailand and Hong Kong ended in negative territory.
For my own portfolio, Maynilad’s inclusion in the PSEi was the most satisfying headline. Even so, index membership is only a label. Revenue, profit, cash flow and debt will still decide whether the investment works over time.
Data checked on 8 August 2026. Weekly changes are calculated from the closing levels on 31 July and 7 August. Figures may differ slightly because of rounding.
Sources
- PSEi historical data
- Philippine July CPI — Philippine Statistics Authority
- Philippine second-quarter GDP — Philippine Statistics Authority
- Maynilad’s inclusion in the PSEi — Philippine Stock Exchange
- FTSE Bursa Malaysia KLCI historical data
- Malaysia’s advance second-quarter GDP estimate
- Straits Times Index historical data
- Hang Seng Index historical data
- Jakarta Composite Index historical data
- Bank Indonesia’s second-quarter business survey
- Thailand SET Index historical data
- VN Index historical data
- Vietnam’s second-quarter and first-half economic data