Weekly Market Recap 26-30 January 2026

Market Summary:

Global Equity: Markets tend more neutral during fed hold and nomination of new fed chairman Kevin Warsh.
Domestic Equity: MSCI warnings triggered massive sell down and foreign outflow with the JCI closing -8.45% WoW. During the week, the index hit trading halt 2 times. Foreign outflow was IDR 15 tn bringing large cap IDX80 -8.35%
Domestic Bond Market: IndoGB stable at 6.33% despite shakedown in equity market. Foreign outflow was IDR -2 tn WoW.

Key News of The Week:

MSCI has decided to freeze its index review on Indonesia with concerns over market transparency and scrutiny over free float quality. MSCI will conduct further study until May 2026 with possibility of a downgrade to frontier market should data quality not improve.
Indonesian authorities acts quickly to signal commitment for market reforms amidst the resignation of the chairman of IDX and several board members of OJK. The government is committed to improve market transparency as it relates to credibility and long-term market integrity.
Fed’s FOMC kept policy rates unchanged at 3.75% (cons:3.75%), reinforcing the message that the Fed remains cautious as it assessed inflation dynamics and economic resilience.
Market attention on Donald Trump’s nomination of Kevin Warsh as the next Fed Chair. Warsh is a seasoned fed governor and polity expert and is widely viewed as a balanced figure. Markets reacted with confidence with Walsh being disciplined and data driven in policy making.
US barely avoided another shutdown as congress approves new budget outlining increased spending for immigration enforcement

Summary & Recommendation

The MSCI saga would be a pivotal moment in Indonesia’s
market development and would introduce an 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	+1.78%	-3.67%
LQ45	-0.41%	-1.54%
EQUITY
MITRA A	+1.51%	-3.08%
MICB A	+0.55%	-2.66%
ASEAN5	+1.00%	-3.31%
MGSED	+1.98%	+4.76%
INDEX
FTSE ESG A	-3.34%	-3.23%
ETF
XMLF	-0.19%	-1.51%
BALANCED
MISB	+3.36%	-0.81%
MIA	+0.75%	-2.54%
FIXED INCOME
MIDU A	-0.03%	-0.32%
MIDO2	-0.57%	-0.63%
IDAMAN A	-1.21%	-0.89%
MONEY MARKET
MIPU A	+0.96%	+0.26%
MMUSD	+0.66%	+0.20%

*The data above is as of January 30, 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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