Morning Chatter

KBVS MORNING CHATTER
Monday, 2 February 2026

Headline News :
•    PTPP – Secured IDR934.36 bn institutional building project for the Attorney General’s Office
•    DYAN – Organizing IIMS events and K-Pop concerts in 2026
•    HEXA - Revenue grows 8.6% yoy but rising costs compress margins 
•    AXIO – Maintaining business growth

Market Commentary :
Wall Street took a hit on Friday as tech stocks continued their recent slump, overshadowing the generally positive reception to Donald Trump naming Kevin Warsh as the next Fed Chair. It’s been a bit of a rollercoaster month, but despite the end-of-week dip and plenty of market turbulence, the S&P 500 managed to stay in the green for January. The VIX Index finished the day up 3.32%, a clear indication that the market is preparing for a bumpy ride as volatility expectations start to climb. European stocks wrapped up the week on a high note, gaining ground as investors processed a heavy influx of corporate financial reports.
Crude oil is holding steady near its six-month peak as traders keep a close eye on the friction between the U.S. and Iran. Meanwhile, precious metals, with silver plummeting 30% while gold also took a dive. The dollar maintained its strength as investors recalibrated for the new Fed leadership.
Most Asia-Pacific markets drifted lower, taking their cues from a rough overnight session on Wall Street, where the S&P 500 and the tech-heavy Nasdaq both took a hit. Meanwhile, Indonesia's benchmark index, the JCI, rose 1.18% (97.41 pts) to end at 8,329.61, as local authorities stepped in with emergency measures to stem the bleeding. The move was clearly designed to restore confidence after a wave of MSCI-related pessimism sent shockwaves through the market, and for now, it seems to have successfully calmed investor nerves.
Nonetheless, we believe markets are still in a "wait-and-see" mode following a wave of shocking departures at the top levels of the financial regulator and bourse. This has overshadowed almost everything else, as the market tries to figure out if these resignations are a sign of coming reform or a signal of more volatility to come. It’s a critical junction, especially with a data-heavy week on the horizon and several blue-chip giants that will roll out their FY25 financial results.

Regards,
KBVS Research Team

 

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