Morning Chatter

KBVS MORNING CHATTER
Monday, 27 April 2026

Headline News :
•    Banking - Consumer credit slows down, a sign of weakening purchasing power
•    BLES – Allocated IDR70 bn capex in 2026
•    PGAS – A 45.8% Net Profit Surge in 1Q26
•    PEHA - IDR761.49mn in 1Q26 net profit
•    ULTJ – To disburse an IDR1.35 tn cash dividend
•    BOLT – 1Q26 net profit surged by 36.2% yoy
•    INCO – Exercising USD250 mn greenshoe option
•    ASHA – Divesting vessel asset of IDR5.9 bn
•    JSMR – Danantara sets 3 new operational KPIs

Market Commentary :
US benchmark indices closed mixed, with the Dow slipping -0.16%, while the S&P500 and Nasdaq closed +0.80% and +1.63% higher as investors hope another round of negotiations will take place. The VIX index traded aligned with the sentiment and closed -3.11% lower, representing a softer market volatility expectation. From the EU zone, optimism was softer, and uncertainty on peace talks is expected to fade, bringing all benchmark indices in the region close to red. Despite the focus remaining on Middle East tension latest update, the market also continuously monitors the latest macro data (UK retail sales increased +0.7% in Mar ‘26) and closely watches the ongoing corporate earnings season.
Oil prices traded higher, with Brent crude +0.5% and WTI slightly increasing by +0.4%. Meanwhile, safe haven assets still traded higher despite noted for their first weekly loss, while the dollar still grasps a weekly gain amid getting pressured on Friday on the back of faded US-Israel resolution positive prospects expectations.
From the APAC market, sentiment on the three-week extension of the Israel-Lebanon ceasefire failed to push market confidence, resulting in a mixed close of the benchmark indices in the region. Nikkei edged higher amid the March ’26 core inflation reported accelerated. HSI is +0.24% higher; Shanghai ended in the red zone, while KOSPI and TOPIX closed moderately flat.
From the domestic market, brutal selling pressure was recorded as market concern over the continuing trend of weakening rupiah currency remains intact. Big caps bank: BBCA, BMRI, and BBRI and big caps telco: TLKM led the Top 10 net foreign sell. Pressure on IHSG is likely to continue amid continuing concern over the weakening rupiah and global uncertainty as well as the lesser key macro data released this week. Yet, we expect the ongoing round of 1Q26 earnings season from big-cap stocks, and several days in a row of softer JCI closing level could provide some relief. The closest key macro data is 1Q26 FDI released on Wednesday, followed by a busy week at the beginning of May 2026, starting with PMI manufacturing, trade balance, inflation rate, and tourist arrivals, followed by GDP growth rate, Forex reserves, and auto sales.

Regards,
KBVS Research Team

 

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