09 February 2026
Market Summary:
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Global Equity: US large cap and tech corrected on the back of fears of AI spending from big tech. Nasdaq -1.8% WoW while the broader S&P500 flat.
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Domestic Equity: Correction from MSCI related newscontinued with JCI -4.7% WoW and IDX80 -3.2%. Foreign outflow was IDR 1.3 Tn.
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Domestic Bond Market: : IndoGB corrected to 6.44% on the back of rating outlook downgrade. Foreign inflow was +10.5 Tn WoW
Key News of The Week:
- Moody’s revised Indonesia’s credit outlook to Baa2/Negative (prev: Baa2/Stable), citing weakening governance and policy uncertainty. However, the agency continued to note Indonesia’s economic resilience, supported by natural resources and demographic bonus
- Positive surprise from 4Q25 GDP which grew 5.4% YoY (cons: 5.1% YoY) mainly driven by pickup in household consumption and non-profit consumption regarding Sumatera disaster. This brings FY25 GDP to 5.11% YoY.
- Indonesia CPI rose +3.55% YoY, below consensus due to low base from January 2025 which saw electricity subsidy by theg government.
- Donald Trump held a call with Xi Jinping ahead of April visit, Trump highlighted warmer relation.
- America and Iran agreed to negotiate in Oman on February 6th to de-escalate tensions after protests in Iran and American military build up in The Middle Easts
- Sanae Takaichi leads LDP to massive victory in Japanese snap elections. This enables further path to her programs to stimulate economic growth and inflation
Summary & Recommendation
Foreign sentiment uncertainty is affecting Indonesian market environment and would provide a large overhang until it is resolved. Until then we recommend toning down risk by entering USD based and precious metals proxy.
Portfolio wise we rotate to defensives and tactically raise cash 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 | -4.82% | -8.23% |
| LQ45 | -3.78% | -3.66% |
| EQUITY | ||
| MITRA A | -0.23% | -4.18% |
| MICB A | -1.63% | -4.17% |
| ASEAN5 | -0.77% | -4.47% |
| MGSED | +1.63% | +1.93% |
| INDEX | ||
| FTSE ESG A | -4.10% | -3.32% |
| ETF | ||
| XMLF | -3.26% | -3.48% |
| BALANCED | ||
| MISB | +1.54% | -2.16% |
| MIA | -1.02% | -3.42% |
| FIXED INCOME | ||
| MIDU A | +0.07% | -0.38% |
| MIDO2 | -0.34% | -0.83% |
| IDAMAN A | -0.75% | -0.88% |
| MONEY MARKET | ||
| MIPU A | +0.93% | +0.32% |
| MMUSD | +0.66% | +0.25% |
*The data above is as of February 6th, 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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