ASEAN members to launch joint FTSE index

BANGKOK, March 31 (TNA) - Six member countries of the Association of Southeast Asian Nations (ASEAN) will launch their joint FTSE index to attract regional and global investors. Charamporn Jotikasthira, President of the Stock Exchange of Thailand (SET), told journalists on Monday that the FTSE/ASEAN Index contract will be signed in Bali, Indonesia, late this week, during a meeting of presidents of seven stock exchanges in ASEAN. Charamporn said that the joint index will cover 30 outstanding stocks in six ASEAN member countries, including Thailand, Vietnam, the Philippines, Singapore, Malaysia and Indonesia. Charamporn explained that the six ASEAN member countries gather seven stock exchanges, as Vietnam has two stock exchanges in Ho Chi Minh and Hanoi. The ASEAN stock exchange presidents have such a meeting every quarter to boost cooperation. At present, the Thai stock markets of Malaysia and Singapore are successfully operating joint exchanges (ASEAN Linkage) through brokers and the network is expected to cover other ASEAN member states in the future. The SET president acknowledged that ASEAN stock exchanges have their own weak and strong points and if they are integrated as ASEAN, they will represent their combined population of 600 million and their gross domestic product (GDP) will be more attractive to investors. (TNA)