Morning Chatter

KBVS MORNING CHATTER
Thursday, 23 April 2026

Headline News :
•    SMGR – Sees strong potential in the construction materials sector
•    GIAA – 1Q26 net loss narrowed by 39.2% yoy
•    BELL – To disburse IDR10.0 bn in cash dividends
•    BREN – Targeting 1 GW capacity
•    PTPP – Completing free meals program (MBG) building projects
•    IPCC – Targets an IDR1.04 tn revenue in 2026
•    PTRO - Divests KMS to SINI

Market Commentary :
US equities extended gains on Wednesday, with the S&P500 (+1.05%) and Nasdaq (+1.64%) closing at record highs, while the Dow rose +0.69%. Performance was led by technology (+2.3%), particularly semiconductors, with Micron Technology surging +8.5% to a fresh peak. The Philadelphia Semiconductor Index also reached a new high, marking its longest winning streak and reinforcing confidence in the AI-driven chip cycle. 
Risk sentiment improved after President Donald Trump announced an indefinite extension of the Iran ceasefire, supporting expectations of a diplomatic resolution. However, tensions remain elevated, underscored by continued US naval presence and Iran’s seizure of vessels in the Strait of Hormuz, a critical route for ~20% of global oil supply, keeping energy markets and broader sentiment sensitive to disruption risks. 
Oil prices moved higher, with Brent at USD101.91/bbl and WTI at USD92.96/bbl (both +3.0%), reflecting renewed supply concerns. While easing geopolitical risks and solid early earnings underpin risk appetite, crude prices near USD100/bbl pose upside risks to inflation and margin pressure, particularly for transport and consumer sectors. Near term, markets are likely to be driven by geopolitics, oil dynamics, and earnings delivery, with volatility expected as expectations recalibrate. 
European equities closed lower (Stoxx 600 -0.4%), as Middle East risks and earnings updates weighed on sentiment. Germany revised down its 2026–2027 GDP forecasts to 0.5% and 0.9%, respectively, citing higher costs linked to potential Hormuz disruptions, while inflation is projected to remain elevated at ~2.7%–2.8%. 
Asia-Pacific markets mostly opened higher on Thursday, tracking overnight gains in US equities. South Korea outperformed, with the Kospi rising +1.33% and the Kosdaq up +0.58%, as 1Q GDP growth of +1.7% QoQ exceeded expectations (Reuters: +1.0%) and rebounded from a -0.2% contraction in the prior quarter. Japan’s Nikkei225 gained +0.40%, while Australia’s ASX200 declined -0.56%. Hong Kong’s Hang Seng futures were broadly flat, with March inflation data serving as a near-term catalyst for market direction. 
Yesterday, the JCI declined -0.24% to 7,541.61, pressured by DSSA, BREN and AMMN. Foreign investors recorded net outflows of IDR827.44bn, primarily driven by selling in BBRI, BMRI and BBCA.

Regards,
KBVS Research Team

 

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