Morning Chatter

KBVS MORNING CHATTER
Monday, 23 February 2026

Headline News :
•    Automotive - Exceeding expectations, IIMS 2026 records total transactions of IDR8.7 tn
•    FOOD - Targets a 25% yoy sales growth in '26F
•    AALI - Solid performance in FY25 on high CPO prices
•    JSMR - Issues IDR2.06 tn bonds to fund strategic toll road projects
•    UVCR - Strengthens synergy with BBCA to boost digital voucher utilization
•    Banking - Consumption credit still slowing down, purchasing power not yet recovering equally
•    Banking - Interest rate transmission continues to be pushed to stimulate credit distribution

Market Commentary :
Markets are staging a relief rally on last Friday after the Supreme Court moved to strike down the administration’s emergency tariff measures. The Dow Jones Industrial Average jumped 200 points, while the S&P 500 pushed higher as investors cheered the removal of a major trade-related headwind. The VIX (CBOE Volatility Index) plunged 5.64%, signaling a sharp cooling of investor anxiety and a shift toward a "risk-on" environment.
Oil prices are holding steady as traders price in a geopolitical risk premium. All eyes are on the Persian Gulf as the administration weighs a "limited strike" against Iran, keeping a floor under crude despite broader market volatility. The U.S. Dollar Index retreated to the 97.75 level. Bullion surged over 1%, breaching the psychological $5,000 mark. The rally is being fueled by a "stagflationary" data mix—specifically a sharp Q4 GDP miss (1.4% vs 3.0% forecast) and the White House’s pivot to a fresh 10% global tariff following a legal setback.
The Asia-Pacific region showcased a tale of two markets today as Seoul's record-breaking momentum contrasted with a cautious, flat finish in Jakarta. While South Korean defense and tech heavyweights fueled an aggressive rally, Indonesian investors opted for the sidelines ahead of a critical week of macroeconomic data releases. The Jakarta Composite Index bucked the regional trend, closing marginally lower at 8,271.7 (-0.03%). We believe trader desks are currently still focused on the FY25 earnings season, particularly the final quarterly results from big-cap stocks. Markets are looking for confirmation that profit margins held steady despite late-year continuing headwinds.

Regards,
KBVS Research Team

 

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