16 March 2026
Market Summary:
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Global Equity: Markets corrected further on the back of increasing tensions in Iran. S&P500 -2% WoW and Nasdaq -1.24% WoW.
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Domestic Equity: Increasing geopolitical tension and fear of a drag in fiscal spending caused deep correction of -7.9% WoW for the JCI and -7.7% WoW for IDX80. Foreign outflow was IDR 3.5 tn WoW.
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Domestic Bond Market: IndoGB corrected to 6.8% due to further fears of fiscal deficit from rising oil prices. Foreign outflow was IDR 10.2 tn WoW.
Key News of The Week:
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Iran’s new leader vows to continue the fight. Mojtaba Khamenei, son of Ali Khamenei, was appointed as the new supreme leader in Iran with a vow of retribution for ongoing attacks.
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The International Energy Agency released 400m barrels of strategic oil reserves to alleviate the oil supply crunch from the conflict. Oil prices normalized briefly before renewed aggression in Hormuz.
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Oil vessels were hit in Hormuz, pushing oil prices higher. The potential blockade of the strait raised further uncertainty in global energy markets.
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Indonesia fiscal deficit reached 0.5% of GDP during 2M26 (2M25: 0.1% of GDP), driven by a sharp increase in government spending (+41.9% YoY) to IDR 494 tn. Revenue also rose 13% YoY to IDR 358 tn but lagged spending growth.
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Indonesia auto sales recorded strong February growth with +12% YoY increase in 4W sales to 81k units, driven by Lebaran demand and the IIMS auto show. Chinese brands captured around 15% market share.
Our View
Prolonged tension in Iran would likely keep oil prices elevated, potentially driving inflationary pressure and economic slowdown. We continue to favor quality names, commodity hedges, and defensive portfolio positioning.
Portfolio strategy focuses on hedging uncertainty while maintaining dry powder to re-enter oversold fundamentally strong assets.
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 | -17.59% | -17.46% |
| LQ45 | -14.15% | -13.97% |
| EQUITY | ||
| MITRA A | -11.15% | -10.60% |
| MICB A | -8.70% | -9.12% |
| ASEAN5 | -11.49% | -10.82% |
| MGSED | +1.78% | +0.55% |
| INDEX | ||
| FTSE ESG A | -12.78% | -13.52% |
| ETF | ||
| XMLF | -13.54% | -13.73% |
| BALANCED | ||
| MISB | -4.41% | -4.09% |
| MIA | -7.73% | -6.93% |
| FIXED INCOME | ||
| MIDU A | -1.00% | -1.35% |
| MIDO2 | -1.82% | -2.23% |
| IDAMAN A | -1.79% | -1.92% |
| MONEY MARKET | ||
| MIPU A | +0.75% | +0.56% |
| MMUSD | +0.63% | +0.50% |
*The data above is as of March 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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