Morning Chatter

KBVS MORNING CHATTER
Wednesday, 28 January 2026

Headline News :
•    BBCA - Net profit to reach IDR 57.5 tn in 2025, growing by 4.9%
•    BBCA - Optimistic banking credit still has the potential to grow double digits
•    Banking - Credit grew by 9.6% yoy in 2025
•    PRAY – Inaugurates hospital in Kelapa Gading
•    BLOG – Expanding cold storage network with a focus outside Java
•    JPFA - Ramadan and nutrition program to tighten supply-demand balance in 2026
•    TLDN – Constructing a new plant

Market Commentary :
U.S. stocks were mostly higher on Tuesday (Dow -0.83%, S&P +0.41%, Nasdaq +0.91%), as tech gains lifted the S&P 500 to a record, offset by weak health insurers and political uncertainty. Focus now shifts to the Fed decision on Wednesday, with rates expected to stay unchanged and attention on guidance. In rates and FX, the U.S. 10-year Treasury yield rose +3.1 bps (+0.74%) to 4.24%, while the USD Index weaker -1.82% to 95.78.
Commodities were mostly higher: Coal -0.91% to USD108.75/ton on China’s plan to add 100 coal plants; CPO +0.8% to MYR4,258/ton on stronger rival vegetable oil and crude prices plus solid exports; Brent +2.74% to USD65.54/bbl on U.S. supply disruptions from a winter storm; Gold +3.62% to USD5,190/oz, hitting a record on safe-haven demand.
Asian markets mostly rose on Tuesday (Kospi +2.73%, Nikkei +0.85%, Hang Seng +1.35%, Shanghai +0.18%) as investors awaited big tech earnings and the Fed decision. JCI edged up +0.05% to 8,980.2, supported by DSSA, GOTO, and TLKM, despite foreign net outflows of IDR1.7 bn with BBCA, ANTM, and BMRI.
Asian markets opened mixed on Wednesday (Kospi +0.9%, Nikkei -0.82%). We expect the JCI to weaken amid continued foreign selling and MSCI’s decision to freeze positive adjustments to Indonesian stocks, which is likely to weigh on the index.

Regards,
KBVS Research Team

 

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