Market Summary:

• Global Equity: Markets sustained its third consecutive weekly decline as doubts resurfaced about the resilience of this year’s AI-fueled market rally. S&P 500 -1.95% WoW, while the tech heavy Nasdaq -2.74% WoW.
• Domestic Equity: Positive economic momentum drives inflow to equities. JCI +0.5% WoW, large caps heavy IDX80 +0.09% WoW. Foreign inflow was + IDR 3.9 Tn.
• Domestic Bond Market: Remains resilient amidst stronger DXY due to positive domestic catalyst. IndoGB is flat WoW.

 

Key News of The Week:

• US Jobs data showed mixed signals with NFP rising 119k jobs MoM (Prev: -4k, Cons: +55k). Conversely, September unemployment rate reached 4.4%, the highest level since 2021. NY Fed president John William was open for more easing on the back of weakening labor market.

• Indonesian economy showed incremental growth. Fiscal deficit accelerated to 2% of GDP in October driven by a 30% MoM increase of government spending from social and material spending. Revenue collection also improved with a 10% MoM increase albeit still lags on YoY basis.

• Additionally, MoF also injected an additional IDR 76tn to the banking system bringing total placement to IDR 276tn (3% of banking system deposits)

• Bank Indonesia kept the BI Rate unchanged at 4.75% with a focus on maintaining Rupiah stability while reinforcing efforts to improve monetary transmission and sustain economic growth. BI also placed emphasis on attracting portfolio inflow and increasing synergy with MoF.

 

Summary & Recommendation

We think there would be positive catalysts on Indonesia due to monetary easing from BI and The Fed, positive export demand from a recovering Chinese economy, accelerating fiscal spending, and bottoming-out earnings growth. We maintained a positive outlook on equity with a barbell approach between growth and hedges. We position a 3–5% cash portion to take opportunities amidst volatility and flow-related catalysts.

 

Product recommendation: 

RD MITRA, RD ASEAN5, RD MISB, RD MIDU, RD MIDSYA, RD MMUSD, RD IDAMAN.

 

Discover a detailed analysis of this week’s market performance in our comprehensive Weekly Market Recap: Read More

 

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PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+6.64%	+18.85%
LQ45	+2.01%	+2.30%
EQUITY
MITRA A	+4.75%	+4.04%
MICB A	+2.22%	+1.46%
ASEAN5	+4.24%	+0.97%
MGSED	+2.15%	+7.42%
INDEX
FTSE ESG A	-0.02%	+4.11%
ETF
XMLF	+1.60%	+5.65%
BALANCED
MISB	+8.14%	+19.17%
MIA	+5.40%	+6.94%
FIXED INCOME
MIDU A	+1.59%	+8.34%
MIDO2	+2.30%	+8.69%
IDAMAN A	+1.15%	+5.68%
MONEY MARKET
MIPU A	+1.01%	+3.97%
MMUSD	+0.69%	+2.70%

*The data above is as of November 21st, 2025

 

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For More Information

Contact Mandiri Investasi – (021) 526 3505
Email Mandiri Investasi – [email protected]
Mandiri Investasi – mandiri-investasi.co.id

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DISCLAIMER‌
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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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