Market Performance:

• Major Indices: After weeks of correction, US stocks up again. S&P inched up 0.51% WoW and Nasdaq 0.17% WoW.
• Domestic Indices: IHSG continued declining 3.94% WoW to 6258 and LQ45 fell 4.68% WoW to 692.

 

Key drivers of the week:

• Macroeconomic Data and News:
  • The Fed kept rates unchanged at 4.25%-4.5% and lowered 2025 GDP forecast to 1.7% (Prev: 2.1%), while raising PCE inflation expectations to 2.8% (prev: 2.5%).
  • Bank of Japan held rates at 0.5%, with no signal of imminent hikes despite inflation risks.
  • Gold surged past $3,000/oz as markets turned risk-off due to Trump’s tariffs and Middle East tensions.
  • China launched a “special action plan” to boost consumer spending, focusing on wage hikes and subsidies, but lacked detail on fiscal support.
  • The Indonesian government allocated Rp20tn to aid labor-intensive sectors affected by factory shutdowns and layoffs.
  • Bank Indonesia held its key rate at 5.75%, citing global economic uncertainty and signaling limited room for future rate cuts.

 

• Geopolitics Events:
  • Trump and Zelenskiy agreed to pause strikes on Russian energy as Trump claims peace efforts are advancing, with the US set to boost Ukraine’s air defense. However, Putin rejected said ceasefire deal.
  • Trump began implementing immigration policies by deporting Venezuelan gang members to El Salvador.
  • The US Senate passed a Republican-led spending bill, narrowly avoiding a government shutdown.
  • Israel broke its ceasefire with Hamas by launching renewed airstrikes on Gaza. Hamas responded by sending rockets to Tel Aviv
  • Germany’s Bundestag ratified decision to exempt defense spending from debt limits and created a €500bn infrastructure fund.
  • Turkish authorities arrested top opposition leader Ekrem Imamoglu, escalating the government crackdown.
  • Indonesia Ratified RUU TNI, that would allow active military member into several government posts.

 

• Sector/Corporate Highlights:
  • OJK allows share buybacks without EGMS approval from 18 March 2025 for six months to stabilize weakening markets.
  • Textile giant Sritex was bailed out by a new investor, re employing 5000 in the process.
  • Indonesian Operators will offer up to 50% discounts and stable connections during Eid and Nyepi holidays in 2025.
  • Results: BBRI: Feb’25 earnings improved to IDR4.6t (+129% MoM; +42% YoY), as provision cost dropped (-41% MoM) and PPOP grew (+12% MoM). However, 2M25 earnings declined to IDR6.6t (-18% YoY).
  • BBCA paid dividend of 250/share, 3% yield with ex-date on 21 March 2025.
  • Alphabet agreed to acquire cybersecurity firm Wiz for $32 billion, marking its biggest deal ever.
  • BYD’s shares hit a record high after announcing a battery system capable of charging 470km range in five minutes.

 

Looking Ahead:

• Economic data and event to watch:
  • Big banks’ AGM
  • Danantara team will be announced.

 

Summary & recommendation:

We are heading to last week before long holiday. Most of the time, the trading volume can be quite low in the week. We think currently money market funds are more compelling now.

 

Product recommendation:

RD MMUSD, RD MIPU, RD MGSED, RD MICB, RD Index FTSE ESG.

Tactical asset allocation: in March equity 42.5%, fixed income 42.5% and money market 15%.

 

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PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	-10,4%	-11,6%
LQ45	-15,3%	-16,3%
EQUITY
MITRA A	-15,0%	-17,1%
MICB A	-14,2%	-16,1%
ASEAN5	-15,3%	-17,3%
MGSED	-4,3%	-3,7%
INDEX
FTSE ESG A	-12,7%	-14,1%
ETF
XMLF	-14,6%	-15,9%
BALANCED
MISB	-2,06%	-2,41%
MIA	-8,59%	-10,08%
FIXED INCOME
MIDU	+2,08%	+1,80%
MIDO2	+1,28%	+0,94%
IDAMAN	+1,43%	+1,70%
MONEY MARKET
MIPU A	+1,13%	+1,01%
MMUSD	+0,77%	+0,68%

*The data above is as of March 24th, 2025

 

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For More Information

Contact Mandiri Investasi – (021) 526 3505
WhatsApp Mandiri Investasi – 0816 86 0003
Email Mandiri Investasi – [email protected]
Mandiri Investasi – www.mandiri-investasi.co.id

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DISCLAIMER‌
‌‌

The information and opinions expressed in this article are for general informational purposes only and are not intended as specific advice or recommendations for any individual, security, or investment product. The content is meant to provide education about the financial industry. Opinions and views presented may change without prior notice. All performance data and investment returns mentioned in this article should not be used as a guarantee or basis for decisions to buy or sell any securities. The data reflects historical performance and does not guarantee future results. Investing in mutual funds carries risks. Investors are advised to carefully read and understand the prospectus before making any investment decisions.

 

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