Morning Chatter

KBVS MORNING CHATTER
Wednesday, 22 July 2026

Headline News:
•    UNTR – Targets 82.0k oz gold sales in FY26
•    RMKO – Raises IDR114.3 bn from rights issue
•    ASRI - Strengthens landed housing portfolio with RUMI Cluster Aruna launch
•    MBSS – Signs 1.44bn share acquisition agreement with Wibowo Group Capital
•    JELI – Launched INACO Mogo Choco
•    EPMT –Reduced capital of subsidiary to IDR30.0 bn.
•    AGAR – Proposed change of control through a potential 51.0% stake acquisition
•    SMFP - Books IDR391.37 bn net profit in 1H26
•    IFII - Predicts sluggish MDF industry through end of FY26 amid geopolitical pressures

Market Commentary:
US stocks closed mostly higher on Tuesday (21/7); the DJIA added +0.74%, the S&P 500 gained +0.89%, and the Nasdaq advanced +1.29%, as investors shifted their focus on corporate earnings updates, with 3M and General Motors among the ones boosting the market following the release of better-than-expected earnings. Tech stocks also helped push the market up, including Micron (+12.7%), Intel (+8.64%) and Marvell Technology (+6.68%), ahead of upcoming earnings reports from Big Tech names such as Tesla, Alphabet, and IBM later this week. Meanwhile, the US Treasury 10-year yield rose +2.8 bps to 4.62%, and the US Dollar Index slipped -0.31% to 100.92.

On the commodity front, both Brent and WTI crude rose by more than +2% to USD 84.91 and USD 91.67 per barrel, respectively. This increase was driven by intensifying conflict between the United States and Iran, as Tehran stepped up attacks on neighboring states and on oil tankers attempting to transit through the Strait of Hormuz. However, reports suggesting that mediators are proposing a 10-day ceasefire between the two adversaries helped prevent even sharper price hikes.

In Europe, most major indices closed slightly higher; the Stoxx 600 rose +0.56%, the DAX added +0.66%, and the FTSE 100 gained +0.58%, as gains in technology and mining shares took the focus away from fresh strikes in the Middle East. Investors will now focus their attention towards commentary from European Central Bank policymakers at their monetary policy meeting on Thursday, where they are expected to hold interest rates steady.

In Asia, broader markets ended in positive territory, including the Kospi (+3.56%), Nikkei (+3.26%), and Hang Seng (+0.25%). In Indonesia, the JCI followed suit,  rising +1.74% to 6,340 with  net foreign inflow of IDR31.3 bn. Looking ahead, we expect the JCI to close higher today, buoyed by positive sentiment across global and regional markets as well as domestic market momentum.

Regards, 
KBVS Research Team

 

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