Morning Chatter

KBVS MORNING CHATTER
Wednesday, 21 January 2026

Headline News:
•    Automotive - Geely EX2 EV car announced, starting at IDR229.9mn
•    INCO - 2026 RKAB Quota Cut
•    PGAS - Gas Quota Cuts Hits East Java
•    KEEN - Signs USD25 mn PPA for 10MW Solar Project
•    ADHI – Targets IDR23.8 tn in new contracts
•    SSMS – Putra Borneo Agro acquires shares worth IDR190.0 bn
•    FORE – To open more than 60 stores in 2026
        
Market Commentary:
U.S. equities plunged the most in three months on Tuesday (Dow -1.76%, S&P -2.06%, Nasdaq -2.39%) after Trump reignited trade war threats with Europe over Greenland, sparking broad risk-off. In rates and FX, the U.S. 10-year Treasury yield rose +2.8 bps (+0.66%) to 4.27%, while the USD Index weaker -0.49% to 98.56.

Commodities mostly higher: Coal +0.76% to USD112.2/ton on China’s plan to add 100 new coal plants; CPO +0.64% to MYR4,095/ton as U.S. finalizes biofuel quota, lifting soy oil; Brent -0.45% to USD63.86/bbl despite Kazakh supply halt, as demand hopes priced in; Gold +1.97% to USD4,762.47/oz, climbed to a record high, breaking a key level as the uncertainty surrounding U.S. demands fueled risk aversion and boosted safe-haven demand.

Asian markets ended lower on Tuesday (Kospi -0.4%, Nikkei -1.1%, Hang Seng -0.3%, Shanghai flat), pressured by renewed U.S. tariff threats on Europe over Greenland and rising political risk in Japan after PM Sanae Takaichi announced a Feb 8 snap election. Meanwhile, the JCI rose slightly by +0.01% to 9,134.7, hitting a new intraday high before paring gains, marking a fifth straight day of increases ahead of Bank Indonesia’s rate decision, supported by BRMS, EMAS, and RISE, with foreign net inflows of IDR6.4 bn led by BBRI, PTRO, and BRMS. The rupiah spot weakened 0.05% to IDR16,950/USD, marking its lowest closing level in Indonesia’s spot market history.

Asian markets opened mixed on Wednesday (Kospi -1.67%, Nikkei -1.74%). We expect the JCI to trade weaker, supported by regional and global sentiment.

 

Regards, 
KBVS Research Team

 

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