27 October 2025
Market Summary:
- Global Equity: A mix of strong early corporate earnings results and prospects of an October Fed cut pushed rebound with the S&P500 +1.5% WoW.
- Domestic Equity: JCI rebounded 4.5% WoW on the back of returning foreign flow into large cap stocks. Foreign investors recorded inflow of IDR 4.35tn mostly into large caps such as BBCA, BBRI, and BBNI.
- Domestic Bond Market: IndoGB flattish after a BI Hold. Foreign outflow mounted to IDR 12.9 Tn MoM, marking foreign ownership to 13.8%.
Key News of The Week:
- The world is left wondering on US-China trade deal with Trump flip-flopping between its stance on China. The two leaders are set to meet on 30 October 2025 at the APEC summit in South Korea.
- US September CPI came soft with +0.3% MoM (Prev: +0.4%, Cons: +0.3%) mainly driven by food and shelter. It added a further cause for a fed cut next week.
- Bank Indonesia held interest rates at 4.75% showing a shifting focus on policy transmission.
- Indonesian Government Issued CNH bonds for the first time with amount of CNH 6 Bn (USD 842 Mn). The issuance reflects solid demand for our government bonds.
Summary & Recommendation
We are monitoring the FOMC meeting on 29 October. Markets is pricing in a 25bps cut with a 96% probability. The JCI is also entering earnings season where we will be monitoring the 9M25 earnings trajectory for Indonesian corporates. We are more positive on the market on the back of a potential fed cut in October and potential of trade war de-escalation. On the domestic end we are still positive on the back of incrementally positive economic backdrop. However, we recommend holding 5-10% cash to manage volatility nearing near end profit taking.
Product recommendation:
RD MITRA, RD ASEAN5, RD MISB, RD MIDU, RD MIDSYA, RD MGSED, RD MMUSD, RD IDAMAN.
| PRODUCT | 3M PERFORMANCE | YTD PERFORMANCE |
|---|---|---|
| JCI | +9,84% | +16,83% |
| LQ45 | +3,54% | +0,18% |
| EQUITY | ||
| MITRA A | +5,34% | +1,86% |
| MICB A | +3,20% | +0,11% |
| ASEAN5 | +4,77% | -1,05% |
| MGSED | +4,42% | +11,03% |
| INDEX | ||
| FTSE ESG A | +3,10% | +2,73% |
| ETF | ||
| XMLF | +3,21% | +3,70% |
| BALANCED | ||
| MISB | +11,31% | +19,09% |
| MIA | +5,78% | +5,42% |
| FIXED INCOME | ||
| MIDU A | +2,51% | +8,40% |
| MIDO2 | +3,74% | +9,19% |
| IDAMAN A | +2,87% | +6,40% |
| MONEY MARKET | ||
| MIPU A | +1,04% | +3,65% |
| MMUSD | +0,71% | +2,47% |
*The data above is as of October 24th, 2025
For More Information
Contact Mandiri Investasi – (021) 526 3505
Email Mandiri Investasi – [email protected]
Mandiri Investasi – www.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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