A tale of two countries.

AuthorPesek, William, Jr.
PositionFrontline ... Thailand's and Indonesia's are the best performing stockmarkets in Asia

As Asian finance officials meeting on Manila earlier this month dodged a small army of journalists, delegates from Thailand and Indonesia were in particular demand. One reason: stock markets in the two countries are the region's star performance in 2003.

Thai and Indonesian stocks are up 48 per cent and 25 per cent, respectively, in US dollar terms this year, leading Asia's recovery. The two countries are also drawing much-deserved attention from investors impressed by officials' success in rebuilding economies since the 1997-1998 Asian crisis.

Might investors be getting ahead of themselves? Are stocks in Thailand and Indonesia rallying ahead of their respective...

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