23 February 2026
Market Summary:
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Global Equity: Markets rebounded over the week after a broad tech related selloff. However its rebound is softened by re emerging geopolitical risk.
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Domestic Equity: Indonesian market rebounded slightly driven by commodity stocks, JCI +0.7% WoW. However, this is offset with a weaker large cap performance (IDX80 +0.4% WoW). Foreign accumulated with IDR 2 tn inflow.
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Domestic Bond Market: : IndoGB weakened to 6.46% with weaker IDR
Key News of The Week:
- US GDP grew 1.4% YoY in 4Q25, below all estimates, dragged down by a record-long government shutdown, consumer spending and trade. This brings 2025 GDP growth to be 2.2%.
- The US Supreme Court struck down Donald Trump’s sweeping global tariffs. Voting 6-3, the court said the president exceeded his authority by invoking a federal emergency-powers.
- However, Trump retaliates with a 15% global import tax citing Section 122 which allows Trump to put a tariff for 150 days before congress has to step in.
- US-Iran negotiations continues with both countries citing good progress. However military presence in key regions increased including a partial closure of Hormuz Strait relating to military exercise.
- Bank Indonesia held policy rate at 4.75% citing benign core inflation and commitment for Rupiah stability through intervention measures.
Summary & Recommendation
We view that the risk shifted towards fear of AI boom turning into a bubble amidst uncertain macro backdrop in the global economy. Thus we see a consolidation on AI/tech sector while flow rotate toward value, quality, and commodities as hedge for geopolitical risk. We recommend risking down to quality assets and commodity proxies.
Portfolio wise we rotate to defensives and tactically stay on selective commodities while spare some dry powders to wait for opportunity to re-entry on oversold fundamental picks.
Product recommendation:
RD MISB, RD MMUSD, RD IDAMAN, RD MIDU, RD MIDSYA, RD MGSED, RD MASED, RD FTSE, ETF LQ45, ETF SRI Kehati, MICB.
Discover a detailed analysis of this week’s market performance in our comprehensive Weekly Market Recap: Read More
| PRODUCT | 3M PERFORMANCE | YTD PERFORMANCE |
|---|---|---|
| JCI | -1.58% | -4.31% |
| LQ45 | -1.73% | -1.45% |
| EQUITY | ||
| MITRA A | +1.88% | -1.12% |
| MICB A | +2.44% | -0.04% |
| ASEAN5 | +1.33% | -1.41% |
| MGSED | +5.83% | +3.93% |
| INDEX | ||
| FTSE ESG A | -3.46% | -2.93% |
| ETF | ||
| XMLF | -1.24% | -1.35% |
| BALANCED | ||
| MISB | +4.58% | +1.01% |
| MIA | +0.24% | -2.21% |
| FIXED INCOME | ||
| MIDU A | +0.15% | -0.07% |
| MIDO2 | -0.33% | -0.62% |
| IDAMAN A | +0.20% | -0.12% |
| MONEY MARKET | ||
| MIPU A | +0.89% | +0.42% |
| MMUSD | +0.64% | +0.34% |
*The data above is as of February 19th, 2026
For More Information
Contact Mandiri Investasi – (021) 526 3505
Email Mandiri Investasi – [email protected]
Mandiri Investasi – mandiri-investasi.co.id
DISCLAIMER
The information and opinions expressed in this article are for general informational purposes only and are not intended as specific advice or recommendations for any individual, security, or investment product. The content is meant to provide education about the financial industry. Opinions and views presented may change without prior notice. All performance data and investment returns mentioned in this article should not be used as a guarantee or basis for decisions to buy or sell any securities. The data reflects historical performance and does not guarantee future results. Investing in mutual funds carries risks. Investors are advised to carefully read and understand the prospectus before making any investment decisions.
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