• ISSN: 2010-023X
    • Frequency: Bimonthly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Executive Editor: Ms. Cherry L. Chen
    • Abstracting/ Indexing: Engineering & Technology Digital Library, ProQuest, Crossref, Electronic Journals Library , EBSCO, and Ulrich's Periodicals Directory
    • E-mail: ijtef@ejournal.net
IJTEF 2013 Vol.4(6): 343-346 ISSN: 2010-023X
DOI: 10.7763/IJTEF.2013.V4.314

The Analysis of Stock Market Development Indicators: Evidence from the ASEAN-5 Equity Markets

Pariyada Sukcharoensin and Sorasart Sukcharoensin
Abstract—This paper proposes indicators to assess the development of the stock markets in ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand. The results show the distinctions among these equity markets. The indicators in this research separate these stock markets into two tiers. The results indicate that SGX, SET, and BM have higher level of development comparing to other stock markets in the same region. Their main strengths are in their accessibility. SGX has higher level of development in most aspects, specifically in size when measured by market capitalization. BM gains its advantage on access dimension. SET is outstanding in stability dimension. The other group is IDX and PSE. The latter equity markets need to improve in most aspects. These findings convey important messages to less-developed stock markets to establish the well-planned strategy and policy to build up the development before full participation of ASEAN Economic Community in 2015.

Index Terms—ASEAN economic community, equity market, market development indicator, stock market development.

Pariyada Sukcharoensin and Sorasart Sukcharoensin are with the Graduate School of Development Economics, the National Institute of Development Administration, Klongchan, Bangkapi, Bangkok, 10240 Thailand (e-mail: pariyada.s@nida.ac.th, sorasart@nida.ac.th).

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Cite:Pariyada Sukcharoensin and Sorasart Sukcharoensin, "The Analysis of Stock Market Development Indicators: Evidence from the ASEAN-5 Equity Markets," International Journal of Trade, Economics and Finance vol.4, no.6, pp. 343-346, 2013.

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