The study on the analysis of long-term relationship among stock markets from ASEAN trading linkage: After Integration was aimed to investigate its long-term relationships as well as the short-term adjustability to establish balance among the stock markets in Thailand Malaysia and Singapore after the ASEAN unification. The research data were compiled daily from the stock markets in the three countries from 16 October 2012 until 30 December 2014. The analysis was to obtain long-term cointegration using Johansen and short-term adjustable ability to gain balance with Vector Error Correction Model (VECM) The result revealed that ASEAN trading link showed long-term relationships in good balance as well as short-term adjustable ability to gain balance of the models among the three countries. It was found that factors influencing Thailand and Malaysia stock markets were accordingly correlated opposed from Singapore which means that the three countries are well-balanced in the long and short run. It may be concluded that the stock markets in the three countries will demonstrate good integration after the ASEAN Trading Link

This study examined risk measurement of 3 ASEAN capital markets during year 2009 – 2013. The objective was to study and compare risk of 3 ASEAN capital markets before and after integration of 3 ASEAN member countries : Thailand Malaysia and Singapore. GARCH Model was used for estimating risk in order to measure the daily securities price index of 3 ASEAN member countries The study split the data into two time periods the first period before integration starting from December 1st 2009 to December 1st 2011 and the second period after integration starting from December 1st 2012 to December 1st 2013. The results show volatility which is transferred by the stock exchange and the other stock exchange. The internal and external factors caused the volatility. The level and direction of volatility was likely to depend on balance between listed companies structure and economic structure of those countries characteristic of the stock exchanges and the majority of the investors of those stock exchanges.