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[ during the fed’s last rate-cutting cycle in 2020, emerging-market stocks rose 16%. ]

as the federal reserve is about to make its first rate cut in four years, in addition to the indian stock market hitting a new high in recent days, southeast asian stocks and bonds have also won favor from global investors.

at the same time, many major asset classes in emerging markets have continued to rise over the past period of time due to the fed's expectations of rate cuts. many analysts believe that emerging markets as a whole will also benefit from the fed's rate cuts.

southeast asian assets are favored by global investors

media data show that overseas funds have flowed into southeast asian stock markets for five consecutive weeks, pushing the msci asean index close to its highest level since april 2022. since the beginning of july, the index has outperformed the msci asia pacific index by about 14 percentage points. four of the five best-performing major asian stock indices in september were from southeast asia, with thailand's stock market performing the best.

last week, among the major stock indices in southeast asia, indonesia's jakarta composite index (jkse) rose 1.17% or 90.28 points to close at 7812.13 points; malaysia's kuala lumpur composite index fell slightly by 0.06% to 1652.15 points; the philippines' manila index was at 7022.85 points, up 1.25%; thailand's set index fell slightly by 0.23% to 1424.39 points; vietnam's ho chi minh index fell 1.3% to 1267.73 points. the main factors that global investors are optimistic about southeast asian stocks include local supportive policies, attractive valuations, and relatively low holdings by overseas investors.