Morning Chatter

KBVS MORNING CHATTER
Wednesday, 4 February 2026

Headline News :
•    BBNI - Records a profit of IDR20.04 tn throughout 2025
•    BBNI - Targets credit growth of up to 10% yoy
•    EMAS - Pani on track for 1Q26 first gold
•    MIKA - Consistent expansion with high-complexity services to drive growth 
•    AMRT – A IDR35 bn capital injection into subsidiary
•    AMOR – To distribute dividends totaling IDR28.6 bn
•    IMPC – To conduct a share buyback worth up to IDR500 bn
•    Automotive - Indonesian car exports in 2025 hit a Record 518,000 units

Market Commentary :
U.S. stocks were weaker on Tuesday (Dow -0.34%, S&P -0.84%, Nasdaq -1.43%), as investors rotated out of technology stocks and shifted toward shares more closely tied to improving economic conditions. In rates and FX, the U.S. 10 year Treasury yield fell -1.8 bps (-0.42%) to 4.26%, while the USD Index weakened -0.22% to 97.39.
Commodities were mixed: Coal -1.1% to USD114.7/ton on continued China sentiment; CPO -0.4% to MYR4,213/ton on profit taking and weaker Dalian prices; Brent oil +2.53% to USD68/bbl amid heightened U.S.–Iran tensions in the Strait of Hormuz; Gold +6.3% to USD4,954/oz on a sharp rebound driven by bargain hunting after recent selloffs.
Asian markets rose on Tuesday (Kospi +6.8%, Nikkei +3.9%, Hang Seng +0.2%, Shanghai +1.3%) as trading conditions turned calmer following recent volatility in metal markets and an agreement to cut U.S. tariffs on India, improving sentiment. The JCI jumped +2.52% to 8,122.6, buoyed by a global market rally and regulatory measures to stabilize markets after MSCI flagged transparency issues, including directives for sovereign wealth funds to increase equity buying and plans to raise the minimum free float to 15%. Gains were led by DCII, ASII, and TPIA, despite foreign net outflows of IDR759.8 bn, mainly from BMRI, BBCA, and ANTM.
Asian markets opened weaker on Wednesday (Kospi -0.5%, Nikkei -1.31%). We expect the JCI to weaken today, amid continued foreign net selling and weaker U.S. market performance.

Regards,
KBVS Research Team

 

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