Market Summary:

• Global Equity: After a stellar year, we did not see a Santa rally in the US market. S&P500 -1.12% WoW, Nasdaq -1.74% WoW.

• Domestic Equity: JCI opened 2026 at an all-time high of 8,748, rising 1% WoW. However, large-cap banks detracted with IDX80 -0.3% WoW. Foreign inflow was IDR 2.07 tn WoW.

• Domestic Bond Market: IndoGB flat at 6.12%. Foreign inflow was IDR 371 bn WoW.

 

Key News of The Week:

• The US attacked the Venezuelan capital and captured President Nicolas Maduro amid escalating tensions following verbal clashes and small-scale strikes on Venezuelan vessels.

• China carried out a massive military exercise in the seas surrounding Taiwan, signaling a warning after Taiwan secured USD 1bn funding from the US.

• MoF Purbaya stated a 2025 revenue shortfall, with estimated collection at IDR 2,076.9 tn versus the target of IDR 3,005.1 tn, attributed to economic weakness in the first 9M25.

• Consequently, IDR 76 tn of SAL placement was withdrawn from the banking system and reallocated for regional spending to meet the 2025 fiscal target.

• Indonesia PMI eased slightly to 51.2 (Prev: 53.3), remaining in expansionary territory.

 

Summary & Recommendation

2026 opened amid heightened geopolitical tension, introducing near-term market volatility. However, the underlying global growth story remains intact as the economy enters the peak of the Goldilocks phase. A barbell approach between growth assets and hedges remains relevant, with 3–5% cash positioned to capture opportunities during volatility and flow-driven catalysts.

 

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	+8.39%	+1.17%
LQ45	+8.77%	+0.64%
EQUITY
MITRA A	+9.40%	+1.28%
MICB A	+8.09%	+0.76%
ASEAN5	+8.89%	+1.26%
MGSED	-1.09%	+0.00%
INDEX
FTSE ESG A	+6.49%	+0.19%
ETF
XMLF	+8.98%	+0.66%
BALANCED
MISB	+6.99%	+1.24%
MIA	+8.45%	+1.32%
FIXED INCOME
MIDU A	+1.08%	+0.15%
MIDO2	+2.35%	+0.12%
IDAMAN A	+0.42%	-0.04%
MONEY MARKET
MIPU A	+1.03%	+0.03%
MMUSD	+0.67%	+0.02%

*The data above is as of January 2nd, 2026

 

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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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