Weekly Market Recap 19 - 23 January 2026

Market Summary:

Global Equity: Market volatility increased surrounding the back and forth on US-EU trade tension. S&P500 -0.35% while Nasdaq -0.06%
Domestic Equity: Indonesia faced correction on the back of weakening IDR and domestic concerns. JCI -0.92% while IDX80 -1.49%. Market posted a net outflow of IDR 3.25 tn
Domestic Bond Market: : IndoGB corrected to 6.4%. Foreign outflow was IDR -4.6 tn WoW.

Key News of The Week:

Trump backpedaled on European tariffs after framework of a deal regarding Greenland is reached.
US PCE inflation in line at 2.8% YoY and showed that US consumer spending increased 3.1% QoQ. This would support a stronger 4Q25 US economic growth.
IMF turns upbeat on Indonesia, forecasting a 5.1% growth in 2026 (vs October: 4.9%) as it upgrades global economic growth forecast.
Speculation on BI independence increased as narrative floated of a possible switch between Vice Minister of Finance Thomas Djiwandono and BI Deputy Governor Juda Agung
Bank Indonesia held the BI rate at 4.75% and BI to Increase SRBI issuance to IDR 39.7 tn (prev: IDR 7 tn). This creates question on monetary-fiscal coordination as pro growth policy is contradicted by tightening gesture.
28 resource companies’ permits was revoked due to non compliance to environmental regulations. UNTR’s Martabe gold mine was amongst the revoked permits.

Summary & Recommendation

With the recent pullback on Indonesian equities, we remain positive on Indonesia as its economy is set to grow from a mix of better global economic backdrop and rollout of social and priority program spending.

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

PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+8.18%	+3.52%
LQ45	+5.49%	+3.19%
EQUITY
MITRA A	+10.12%	+4.26%
MICB A	+8.35%	+4.16%
ASEAN5	+9.69%	+4.21%
MGSED	+2.09%	+2.85%
INDEX
FTSE ESG A	+1.95%	+0.80%
ETF
XMLF	+5.71%	+3.24%
BALANCED
MISB	+8.70%	+4.53%
MIA	+8.36%	+ 3.59%
FIXED INCOME
MIDU A	-0.14%	-0.38%
MIDO2	-0.74%	-0.79%
IDAMAN A	-1.07%	-0.67%
MONEY MARKET
MIPU A	+1.00%	+0.22%
MMUSD	+0.66%	+0.16%

*The data above is as of January 23rd, 2026

For More Information

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

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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