Morning Chatter

KBVS MORNING CHATTER
Wednesday, 24 June 2026

Headline News:
•    GOTO – To Lower Ride-Hailing Commission to 8% from 1 Jul ’26
•    ARCI – Rajawali Kapital Emas absorbs 16.6 bn shares of ARCI
•    RAJA – To disburse IDR274.2 bn in dividends and approves 1:5 stock split
•    TBLA - To disburse IDR360 bn in dividends
•    SSIA — To  disburse  IDR23.5 bn in dividends 
•    KKES — To post net profit turnaround in 1Q26, as sales grew up 8.2% YoY
•    PRDA – Expands into premium healthcare segment to drive growth
•    VICI – Reports foreign investor doubles stake to 50%
•    ALII - To disburse IDR205.73 bn in dividends
•    GTRA - Plans network expansion to Makassar and targets 90%-95% fleet utilization
•    ERAL – Realized IDR27 bn of capex in 1Q26

Market Commentary:
US indices closed lower on Tuesday (23/6); DJIA -0.09%, S&P 500 -1.44%, and Nasdaq -2.21%, as the ongoing tech sell-off intensified. Investor concerns have grown around debt-funded AI capital expenditure, alongside expectations of a more hawkish Federal Reserve stance. Major technology names came under pressure, including Nvidia (-4.1%) and Alphabet (-1%), while chipmakers such as Intel, Marvell Technology, and Advanced Micro Devices declined between -5.8% and -9.4%. In contrast, defensive stocks including Walmart, Procter & Gamble, and Johnson & Johnson posted gains. In the fixed income market, the US 10-year Treasury yield edged down by 0.8 bps to 4.49%, while the US Dollar Index rose by +0.33% to 101.36.

On the data front, the S&P Global US Composite PMI increased to 52.2 in June 2026 from 51.5 in May, marking the strongest expansion in private sector activity since January. This growth was driven by a notable acceleration in manufacturing output—the fastest in six years—with the manufacturing output index rising to 57.7 (vs. 56.6 in May), alongside a firmer expansion in services activity at 51.3 (vs. 50.7).

In commodities, Brent crude declined -1.1% to USD77.08 per barrel, while WTI fell -0.9% to USD73.21 per barrel, as investors continued to follow signs of progress in US–Iran negotiations, with Washington granting Iran a 60-day license to export oil, raising expectations of increased global supply.

European markets also weakened, reflecting similar concerns over AI-related spending and a potentially tighter monetary policy outlook. The STOXX 600 declined -0.73%, the FTSE 100 slipped -0.09%, and the DAX dropped -1.07%. Meanwhile, UK Flash Composite PMI fell to a 14-month low of 49.4 in June (vs. 49.7 in May and below the 50.5 consensus), indicating a second consecutive month of contraction in private sector activity.

Across Asia, most major indices closed lower amid the global tech sell-off, with the Kospi declining -9.99%, the Nikkei dropping -3.55%, and the Hang Seng falling -1.82%. Indonesia also followed the regional trend, with the JCI slipping -0.25% to 6,101, accompanied by a net foreign outflow of IDR311.6 bn. Looking ahead, we expect the JCI to remain under pressure, driven by negative global and regional sentiment. verify all data in this passage

Regards, 
KBVS Research Team

 

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