Week of 14–18 September 2026
The PSEi lost the 6,000 level this week. Singapore reported a sharp increase in exports, yet its stock index finished lower. Hong Kong recovered on Friday, while Vietnam ended the week ahead of the other South-East Asian markets covered here.
For my own Philippine portfolio, the latest snapshot shows an unrealised loss of 16.70% on the shares. DD and LTG remain well above their acquisition costs, but Jollibee is still my largest position and my largest source of unrealised losses.
There was plenty of common news, particularly the US rate decision. The results across markets—and within my account—were far from uniform.
The week across seven markets
Closing levels on 18 September, with changes from the previous Friday:
- Philippines, PSEi: 5,855.91; −3.40%.
- Singapore, STI: 5,656.11; −0.70%.
- Hong Kong, Hang Seng: 24,750.78; −0.22%.
- Malaysia, FBM KLCI: 1,665.56; approximately −1.25%.
- Indonesia, IHSG: 6,441.16; −1.53%.
- Thailand, SET: 1,584.15; −1.27%.
- Vietnam, VN-Index: 1,815.7; approximately +1.1%.
These are local-currency price-index returns. They exclude dividends and the effect of converting an investment back into yen, dollars or another currency. Sources are linked in the relevant sections below.
Philippines: a steadier peso was not enough
The PSEi fell from 6,061.81 to 5,855.91, losing 205.90 points over the week. Friday alone accounted for a 1.72% decline. The peso’s move between the two Friday closes was much smaller, from PHP62.68 to PHP62.73 per US dollar. Sources: PSE market summary, PNA’s 11 September report and 18 September report.
On Wednesday, the peso strengthened for a second session while the PSEi fell to 5,916.94. GMA linked the currency’s improvement to easing crude prices. It was a useful example of stocks and the currency responding differently within the same market. GMA’s Wednesday report.
By Friday, investors were watching an expected increase in domestic fuel prices the following week. PNA reported concerns about the effect on operating costs. A fall in international oil prices does not necessarily reach local pump prices immediately; the pricing period and exchange rate also matter. PNA’s Friday report.
Friday’s sector performance was uneven. Services fell 2.53%, holding firms lost 2.45% and property declined 1.55%. Mining and oil rose 1.65%. These are daily changes, rather than weekly returns. PSE sector indices.
For the companies I hold, the next question is what happens to margins. Higher costs may be passed on, absorbed by the business, or met by customers cutting back. I cannot tell which from an index or an oil-price chart alone.
The Fed raised rates—but timing matters
The Federal Reserve increased its target range by 0.25 percentage points to 3.75–4.00% on 16 September, citing elevated inflation. Federal Reserve statement.
The announcement came after Wednesday’s Philippine market close. It would be wrong to describe that day’s local decline as a reaction to the announced decision, although investors could have been anticipating it.
The distinction also matters when looking elsewhere in Asia. An expected decision, its accompanying message and other developments during the week can all affect how shares respond.
Singapore: exports surged, but the STI slipped
The STI closed at 5,656.11, down from 5,695.93 a week earlier. A positive start on Monday was reversed on Tuesday, and the market did not fully recover. Sources: STI price history and The Business Times’ Friday report.
The economic news was stronger. August non-oil domestic exports rose 46.2% year on year, following July’s 24.1% increase. Electronics exports rose 131.8%, supported by AI-related demand. However, the comparison also benefited from a low export base in August last year. Sources: Enterprise Singapore and CNA’s report on the release.
Friday’s trading was mixed rather than uniformly weak: 303 stocks advanced and 273 declined. DFI Retail fell 8.5%, while Hongkong Land rose 2.6%. The Business Times.
Export statistics and share indices measure different things. A rise in shipments matters to investors through company earnings, and those earnings still have to be judged against the expectations already reflected in prices.
Hong Kong: a Friday rebound after the rate decision
The Hang Seng ended at 24,750.78, approximately 0.22% below the previous Friday. Its final session was stronger, with a gain of around 0.60%. The Hang Seng TECH index rose about 2.2% that day. Sources: Hang Seng price history and RTHK’s market report.
Hong Kong’s Base Rate moved to 4.25% on 17 September under the HKMA’s established formula. This rate underpins its Discount Window operations; it does not mean every mortgage and corporate loan reprices by the same amount on the same day. HKMA’s announcement.
RTHK reported that easing oil prices helped relieve inflation concerns on Friday. Energy-supply uncertainty remained, but the late-week improvement was enough to bring buyers back. RTHK.
The market was still slightly lower for the week. Both parts of that account matter: Friday brought relief, without restoring the previous Friday’s level.
Elsewhere in ASEAN: Vietnam stood out
Malaysia’s KLCI finished down approximately 1.25% for the week. Yet August exports rose 45.5% year on year to RM191.05 billion, with electrical and electronic products among the contributors. As in Singapore, strong trade figures did not translate directly into a higher headline stock index. Sources: The Star and MATRADE.
Indonesia’s IHSG lost 1.53%. Average daily trading value fell 6.95%, and foreign investors sold a net Rp1.79 trillion on Friday. That foreign-flow figure covers Friday alone, not the full week. Pasardana, citing the exchange’s weekly release.
Thailand’s SET ended 1.27% lower for the week. Thursday’s 1.32% rebound and Friday’s small gain did not recover the earlier losses. Kaohoon reported foreign buying in banking and information and communication technology stocks on Friday, alongside relief from lower oil prices. Sources: SET, index history and Kaohoon.
Vietnam’s VN-Index gained approximately 1.1% over the week, despite falling on Friday. VNDIRECT pointed to recoveries in banking, oil and gas, and selected large-cap shares earlier in the week. Foreign investors bought a net VND1.3 trillion on Friday, even as the index declined. VNDIRECT’s market recap.
My portfolio: seven holdings above cost, 17 below
My latest AB Capital snapshot shows:
- Shares: unrealised return of −16.70%.
- Investment fund: unrealised return of +0.33%.
- Combined account, including cash: unrealised return of −16.57%.
These figures compare the broker’s displayed values with acquisition costs. They are not weekly returns, nor lifetime total returns including past dividends and realised gains or losses. I have not calculated a like-for-like weekly portfolio return for this update, so I am not claiming to have beaten or lagged the PSEi this week.
The five holdings furthest below cost are:
- SM: −41.16%.
- JGS: −41.06%.
- ALI: −37.55%.
- FRUIT: −36.64%.
- JFC: −33.06%.
The five largest percentage gains are:
- DD: +72.88%.
- LTG: +63.86%.
- PSE: +26.67%.
- AP: +15.03%.
- MYNLD: +10.89%.
GLO and AGI are also above cost. DD and LTG provide the largest unrealised gains, offsetting some of the losses elsewhere.
Twenty-four stocks do not mean 24 equal positions
JFC accounts for approximately 21.6% of my share portfolio’s current value and 26.9% of its acquisition cost. Its percentage loss is smaller than SM’s or JGS’s, but the larger position makes it my biggest source of unrealised losses.
The difference between JFC’s current-value weight and its cost weight is not, by itself, a sign of successful diversification. Its performance relative to the rest of the account helps explain why that weight has fallen.
That is the part of this update I find most useful. I can own stocks showing gains of more than 60% and still have the overall account well below cost. Counting winners or holdings only takes me so far; the amounts allocated to each company determine how much their performance matters.
What I am watching next
For the Philippines, I will follow domestic fuel prices, the peso and any attempt by the PSEi to recover 6,000. Across the region, I want to see whether Vietnam’s buying continues, Indonesian trading activity recovers and Hong Kong retains Friday’s improvement.
MUFG’s weekly outlook also flags Singapore’s consumer-price figures and trade releases from Hong Kong and Thailand among the following week’s data. MUFG Asia FX Weekly.
For my own account, JFC remains central. I will keep recording the holdings that are helping as well as those that are hurting, and separate future changes in market value from purchases, sales and money moving into or out of the account. The balance snapshot alone does not establish this week’s trading or dividend activity.
Vietnam’s gain, Singapore’s strong exports and my portfolio’s uneven results all deserve their own explanation. A single regional headline would miss too much of what happened this week.
Disclosure and data notes
Market coverage is for 14–18 September 2026. Weekly index changes compare the 11 and 18 September closes, with rounded published changes used for Malaysia and Vietnam. Portfolio percentages come from my supplied AB Capital snapshot; the account’s official records take precedence over indicative screen values. The snapshot is used for this weekly update and is not a verified weekly performance calculation.
I hold the Philippine stocks discussed. This article is a personal investment journal and general market commentary, not investment advice or a recommendation to buy or sell any security.