Which is the largest stock market in Southeast Asia?

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HSBC shared that Apple’s market capitalization is bigger than the 6 biggest Southeast Asian stock markets combined.

I was curious about how big the stock markets in Southeast Asia were, which is the largest and more. Here’s what I found:

Southeast Asia Stock Market Capitalization 2024

SEA Country Stock Exchange Code Market Cap Market Cap (SGD) Market Cap (USD) No. of Stock Listings
Indonesia Indonesia Stock Exchange IDX 11,632 T Rp S$997.3B US$749B 833
Singapore Singapore Exchange SGX S$765,049 M S$765B US$575.5B 635
Thailand Stock Exchange of Thailand SET 17,464,170.01 M baht S$665.7B US$500.6B 627
Malaysia Bursa Malaysia MYX RM1.86T S$529.78B US$396.5B 795
Philippines Philippine Stock Exchange PSE ₱16.74T S$400.54B US$298.8 285
Vietnam Vietnam Stock Exchange VNX VNĐ6 quadrillion S$327.89B US$246.7B 326
Cambodia Cambodia Securities Exchange CSX KHR21,576,556M S$7B US$5.28B 11
Laos Lao Securities Exchange LSX 13,928,387.60M LAK S$0.9B US$0.68B 11
Myanmar Yangon Stock Exchange YSY 689,162M kyat S$0.437B US$0.33B 8
Source: website of various stock exchanges, as of 9 Jan 2024

Although Apple was recently dethroned by Microsoft as the world’s largest company by market capitalization, here’re a fun comparison:


Southeast Asia, a region known for its vibrant cultures, also hosts a handful of stock markets, each with a vibrant mix of longstanding companies. Who knows, some of these companies could be an undervalued stock that might just be the next multi-bagger with the right catalysts.

1 last fun fact before you go. Did you know that combined, the total market capitalization of the 11 Southeast Asia is over US$2 trillion?

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