25 May 2026
Market Summary:
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Global Equity: Mostly gain led by KOSPI (+4.73% WoW), Japan (+3.14% WoW), and Euro (+3.29% WoW) driven by better-than-expected AI related company earning result (NVIDIA), Middle East de-escalation hopes, and easing oil prices.
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Domestic Equity: JCI down by -8.35% WoW driven by a domestic policy shock and currency stress. Foreign recorded net outflow : IDR 2.03tn WoW in all market.
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Domestic Bond Market: SBN 10Y yield stood at 6.74%. Foreign net inflow : IDR 2.7tn WoW (19/5)
Key News of The Week:
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Oil prices eased as Brent slipped back to US$103.54/bbl on signs of progress in US–Iran talks, but unresolved issues on uranium enrichment and Hormuz control cap downside.
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NVIDIA reported better‑than‑expected earnings, driven by a +92% YoY surge in data center revenue, reinforcing optimism toward AI‑related equities globally.
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Bank Indonesia delivered a surprise 50bp rate hike to 5.25% to defend the rupiah amid Middle East energy shocks, while FOMC minutes signaled a hawkish tilt under new Chair Kevin Warsh, lifting global yield pressures.
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Indonesia has established PT DSI, a new state‑linked export vehicle, to implement a one‑gate scheme for strategic commodities such as CPO, coal, and ferroalloys, to improve pricing transparency, export‑value reporting, FX capture, and documentation quality.
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Indonesia posted CAD of US$4.0bn in 1Q26 (-1.1% of GDP) wider than 4Q25 (-0.7% of GDP), driven by seasonal income outflows, weaker commodity exports, and financial account pressures.
Our View
Market focus will be on US–Iran headlines and US data, with April PCE key for the growth and Fed “higher‑for‑longer” narrative. Domestically, potential regulatory changes and the 29 May MSCI rebalancing could trigger passive outflows, and although some selling has likely been pre‑empted, with only three trading days, flow execution may amplify short‑term volatility.
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 | -25.51% | –28.74% |
| LQ45 | -25.72% | -26.71% |
| EQUITY | ||
| MITRA A | -17.00% | -17.92% |
| MICB A | -17.00% | -16.97% |
| ASEAN5 | -17.34% | -18.51% |
| MGSED | +9.30% | +14.17% |
| INDEX | ||
| FTSE ESG A | -17.82% | –19.72% |
| ETF | ||
| XMLF | –23.18% | –24.13% |
| BALANCED | ||
| MISB | -11.12% | –10.22% |
| MIA | -12.12% | -11.86% |
| FIXED INCOME | ||
| MIDU A | -1.23% | -1.48% |
| MIDO2 | -2.08% | -2.44% |
| IDAMAN A | -2.05% | -2.27% |
| MONEY MARKET | ||
| MIPU A | +1.05% | +0.91% |
| MMUSD | +1.08% | +0.97% |
*The data above is as of May 22th, 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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