Indonesia's stocks are among the top picks of JPMorgan Asset Management and Goldman Sachs for 2022. In this photo from April 2019, the statue of a bull is standing at the lobby of the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia.
Dimas Ardian | Bloomberg via Getty Images
Geopolitical tensions around the world have been on the rise, but Southeast Asia's markets may offer relative safety to investors, according to top investment banks.
As we enter the next quarter of 2022, CNBC asked analysts from Goldman Sachs and JPMorgan Asset Management which Southeast Asian markets were their top picks.
Southeast Asian stocks have underperformed and been "largely ignored by global investors for a decade," said Timothy Moe, Goldman's chief Asia Pacific equity strategist.
Indonesia is a top Southeast Asian pick for both Wall Street banks.
Indonesia: Banking and commodity plays
"In Indonesia, we are structurally positive on the banks as the majority of the population are still unbanked or underbanked. We are currently positioned in the leading private sector and also state-owned banks as they have been proactively driving digital adoption to accelerate financial penetration," said Desmond Loh, a portfolio manager at JPMorgan Asset Management.
Strong commodity prices have also been beneficial for export earnings in Indonesia as well as the country's trade balance, and that's set to support the
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