The global financial crisis in 2008 changed the relationship between ASEAN-5 stock markets and other global markets. Stock market interdependence increased during the crisis, with the US leading the decrease in other countries' markets. After the crisis, ASEAN-5 markets were more connected to the US and UK markets than to other Asian countries. This suggests that there are no lead-lag relationships within ASEAN-5 markets, making it challenging to integrate the ASEAN financial market.