Market Summary:

• Global Equity: Renewed confidence of a Fed rate cut pushed markets to rebound, with market-implied probability of a December cut hitting 80%. S&P 500 +4.75% WoW, Nasdaq +5.8% WoW.

• Domestic Equity: MSCI rebalancing came effective bringing IDR 990bn of foreign inflow WoW. JCI +1.12% WoW, IDX80 +0.8% WoW. Total foreign inflow reached IDR 7.2tn in November 2025.

• Domestic Bond Market: IndoGB corrected after BI announced an increase in SRBI auction frequency.

 

Key News of The Week:

• Ukraine–Russia peace is on the horizon as Ukraine reportedly accepted a US-sponsored peace deal.

• Donald Trump is set to visit China in 2026, followed by Xi Jinping’s visit at a later date, marking warming US–China relations.

• Kevin Hassett is the frontrunner to be the next Fed Chair. Announcement expected in December.

• GOTO management change: Patrick Walujo stepped down and was replaced by Hans Patuwo, seen as positive for the GOTO–Grab merger.

• SOE Banks announced EGMS to be held in the 2nd–3rd week of December with agendas including 2026 work plan, articles of association changes, and management changes.

 

Summary & Recommendation

We think positive catalysts may emerge for Indonesia driven by BI and Fed easing cycle, improving export demand from a recovering Chinese economy, accelerating fiscal spending, and bottoming-out earnings. We maintain a positive equity outlook with a barbell approach while keeping 3–5% cash to capture opportunities during periods of volatility.

 

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

 

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PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+4.22%	+18.57%
LQ45	+1.71%	+3.80%
EQUITY
MITRA A	+6.29%	+4.56%
MICB A	+4.00%	+1.82%
ASEAN5	+5.77%	+1.41%
MGSED	+2.70%	+9.57%
INDEX
FTSE ESG A	+0.83%	+3.00%
ETF
XMLF	+3.76%	+5.60%
BALANCED
MISB	+9.26%	+21.05%
MIA	+6.69%	+7.80%
FIXED INCOME
MIDU A	+0.86%	+7.92%
MIDO2	+1.72%	+8.26%
IDAMAN A	+1.53%	+6.12%
MONEY MARKET
MIPU A	+1.01%	+4.05%
MMUSD	+0.69%	+2.75%

*The data above is as of November 28th, 2025

 

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For More Information

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

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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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