Analysis of the Difference in Returns and Risks of Technology Sector Stocks on the Stock Exchanges of ASEAN Countries-6
Keywords:
Return of Stock; Stock Risk; Technology Sector; ASEAN-6; Kruskal-WallisAbstract
This study analyzes the differences in the return performance and risk level of technology sector stocks in six Southeast Asian (ASEAN-6) stock exchanges, namely Indonesia, Singapore, Malaysia, Thailand, Vietnam, and the Philippines, during the 2020–2024 period. The technology sector was chosen for its high volatility and its crucial role in the transformation of the regional digital economy. Using a comparative quantitative approach and purposive sampling method, this study analyzed 60 technology companies based on annual stock price data. Returns and risks are calculated in local currencies, reflecting the performance of the domestic market. Due to the abnormal distribution of data, a non-parametric Kruskal–Wallis test is used. The results showed a statistically significant difference in stock returns (p = 0.001), with Vietnam having the highest average rating, reflecting the rapid development of digital infrastructure and strong government support for the digital economy. Significant differences in stock risk were also identified (p = 0.016), with the Philippines exhibiting the highest risk volatility, indicating higher exposure to market inefficiencies and structural constraints. These findings highlight the heterogeneity of the performance of technology stocks across ASEAN-6 and emphasize the importance of cross-border diversification strategies for investors.
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