ASEAN KEY DESTINATIONS
March 12, 2008
Six members of the Association of Southeast Asian Nations (Asean) have agreed to set up a common board to trade selected blue-chip stocks listed on their exchanges as part of the regional group effort towards integration, local newspaper Vietnam News reported Tuesday.
The plan on the blue-chip board was approved at the fifth Asean Exchanges CEOs Meeting held in Vietnam's southern Ho Chi Minh City on March 10.
The heads of the Malaysian, Vietnamese, Indonesian, Philippine, Singaporean and Thai exchanges, who met to discuss ways to develop their bourses, agreed that each would select 30 listed companies to join an Asean board, said general director of the Ho Chi Minh City Stock Exchange, Tran Duc Sinh.
The new board is expected to strengthen Asean capital markets and enhance the visibility of Asean as an asset class. It will also help attract more international funds into the region, and encourage more intra-ASEAN trade.
A common website will be created for the exchanges as part of their marketing program.
The market capitalisation of the six exchanges stands at $1.4 trillion, with Singapore ranking first with 539 billion dollars, the newspaper said.
In 2007, the value of total trading on the six exchanges was $826 billion, of which $381 billion was in Singapore, and 13 billion dollars in Vietnam.