18 February 2026
Market Summary:
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Global Equity: US large cap and tech corrected on the back of fears of AI spending from big tech and software sector. Nasdaq -2.1% WoW while the broader S&P500 -1.4% WoW.
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Domestic Equity: Quick response by government restored confidence and led rebound. JCI +3.5% WoW, while IDX80 +3.4% WoW. Foreign outflow was IDR -5.47 Tn WoW.
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Domestic Bond Market: : IndoGB rebounded to 6.4% as government offered response. Foreign outflow was IDR – 1.1tn WoW.
Key News of The Week:
- US data pointed a case for further rate cuts. Core CPI was +2.5% YoY, the slowest since March 2021 and headline CPI was below consensus with 2.39% YoY. NFP beats consensus with +130k jobs addition in January. This points to a low-productive and aging economy which would prompt rate cuts.
- IDX transparency improvement would be implemented with a planned shareholder concentration metric for issuers. This followed the steps done in Hong Kong to improve transparency.
- Indonesian Government announced 911 bn stimulus package for Lebaran period with discounts on train, ship, and airplane fares.
- Nickel output cuts could cause deficit given the 270mn approved nickel mining quota for 2026 Is 25% lower vs 2025 quota. This created a shortage in nickel ore for nickel refineries in Indonesia.
- President Prabowo asked ESDM ministry to review alleged violations in Martabe gold mine and to conduct due process. This is done to maintain investor climate for Indonesia.
- Indonesia Government in review process for further ban on materials exports to attract FDI in mineral downstreaming.
Summary & Recommendation
Foreign sentiment uncertainty is affecting Indonesian market environment and would provide a large 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 | -1.91% | -5.03% |
| LQ45 | -1.39% | -2.00% |
| EQUITY | ||
| MITRA A | +0.65% | -2.29% |
| MICB A | +1.02% | –1.49% |
| ASEAN5 | +0.10% | -2.56% |
| MGSED | +3.89% | +4.04% |
| INDEX | ||
| FTSE ESG A | –3.31% | -3.15%% |
| ETF | ||
| XMLF | –0.85% | –1.86% |
| BALANCED | ||
| MISB | +2.60%% | –0.11% |
| MIA | –0.89% | –2.85% |
| FIXED INCOME | ||
| MIDU A | +0.11% | -0.14% |
| MIDO2 | -0.26% | -0.53% |
| IDAMAN A | -0.61% | -0.44% |
| MONEY MARKET | ||
| MIPU A | +0.91% | +0.37% |
| MMUSD | +0.65% | +0.30% |
*The data above is as of February 13th, 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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