02 March 2026
Market Summary:
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Global Equity: Further fear on AI combined with stronger-than expected PPI inflation pushed market to correction, especially on tech-heavy NASDAQ.
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Domestic Equity: Indonesian market corrected over S&P’s flagging increased fiscal risk. JCI -0.4% WoW while IDX80 -0.75% WoW. Foreign inflow of IDR 4.9tn to large cap banks.
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Domestic Bond Market: : IndoGB flattish at 6.43%. Foreign outflow was IDR 3.8tn.
Key News of The Week:
- US-Israel attacked Iran and killed Ali Khamenei after weeks of increased tension between US-Iran over nuclear negotiations. Iran closed The Hormuz Strait in response. This puts a risk on the oil market as 20% of oil trade passed through the strait.
- US PPI came stronger than expected. With 0.5% MoM increase driven by services. This reading points to lingering inflationary pressure. This calls into question The Fed’s ability to cut rates due to the stickier than expected inflation.
- S&P cautious on Indonesian economy citing that rising fiscal pressure, especially on higher debt-servicing cost increases downside risk for Indonesia’s sovereign credit profile and would potentially lead to negative rating action. S&P views that interest payments would be “very likely” to have exceeded 15% of government revenue in 2025, and subsequent breach of this metric could lead to negative rating action
- IDX said to publish transparency data soon with IDX director stating that IDX aims to publish names of all shareholders with ownership over 1% in an interview.
Summary & Recommendation
Geopolitical risk become the highlight with the attack on Iran which would provide risk on oil price and in turn, inflation. We maintain our recommendation to quality assets and commodity hedges in metals and energy.
Portfolio wise we are positioned to hedge for uncertainty while sparing some dry powders 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 | -3.63% | -4.76% |
| LQ45 | -2.07% | -1.44% |
| EQUITY | ||
| MITRA A | +3.08% | +0.53% |
| MICB A | +3.95% | +1.85% |
| ASEAN5 | +2.81% | +0.44% |
| MGSED | +6.61% | +5.99% |
| INDEX | ||
| FTSE ESG A | -1.83% | -1.65% |
| ETF | ||
| XMLF | -1.59% | -1.38% |
| BALANCED | ||
| MISB | +4.96% | +2.61% |
| MIA | +0.06% | -1.57% |
| FIX INCOME | ||
| MIDU A | +0.62% | +0.02% |
| MIDO2 | +0.28% | -0.49% |
| IDAMAN A | +0.05% | +0.09% |
| MONEY MARKET | ||
| MIPU A | +0.88% | +0.47% |
| MMUSD | +0.65% | +0.42% |
*The data above is as of February 27th, 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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