Flash Notes

23 June 2025 Rising geopolitical tension

Over the weekend, US attack 3 nuclear sites in Iran, including Fordow, Natanz and Esfahan, joining Israel in the biggest military attack against Iran since its 1979 revolution. Meanwhile, Iran’s parliament approve to close the Strait of Hormuz, flowing ~30% of world’s seaborne oil trade and ~20% of world’s LNG’s…

23 June 2025 Uncertainty from the 2 wars

JCI was down by -2% today largely driven by the decline in large cap stocks. We believe the selling pressure arises from the uncertainty in both trade and missile wars. The Fed kept the Fed Fund Rate unchanged while maintaining the median dot plot for 2025 that still implies 50bps…

24 March 2025 Flash note 24 Mar 2025

JCI touched -4.5% today driven by the decline in large cap stocks across sectors. Selling pressure persists as we head into this week with Annual General Shareholder Meetings (AGM) for the large SOE banks starting with BBRI (24 Mar), BMRI (25 Mar), and BBNI (26 Mar). In addition, details on…

18 March 2025 Another Storm Looms

JCI continues to weaken, -5% in the first session reaching trading halt. Among the laggards, DCII was the main contributor, reversing its previous gains. In addition, few banks, such as BBRI and BBCA remain under pressured as investors maintain their selling streak.

28 February 2025 When it rains, it pours

JCI touched -2% this morning, due to several noises in the market as well as concerns on domestic growth story. Top laggard this morning was Bank Rakyat Indonesia (BBRI IJ) which reported Jan’25 results yesterday. The weak result surprised the market as their net profit declined by -58% YoY from…

11 February 2025 Selling Pressure Persists

JCI touched another -2% today driven by the decline in BREN, CUAN and large cap stocks. The exclusion of BREN and CUAN from MSCI Indonesia Investable Market Index (IMI) due to potential investability issues continue to put pressure on JCI. For large cap stocks, TLKM led the decline as both…

10 February 2025 The Drop Continues

JCI continue to drop by more than -2% today, mainly led by the decline in BREN, CUAN and large cap stocks. For BREN and CUAN, they were excluded from MSCI Indonesia Investable Market Index (IMI) due to potential investability issues. While for large cap stocks, this could be on the…

07 February 2025 Dropped by MSCI

JCI touched -3% today mainly led by the decline in certain group of stocks highlighted by MSCI. MSCI just released an announcement that it will not consider adding BREN, CUAN, and PTRO to the MSCI Indonesia Investable Market Index (IMI) due to potential investability issues. This puts speculators for potential…

19 December 2024 Hawkish cut by the Fed

Hawkish cut by The FedJakarta Composite Index (JCI) touched -2% today due to rising selling pressure across the board as USD strengthens after FOMC December meeting. The Fed delivered a 25bps cut, within market expectation. Despite the cut, the message from The Fed is rather hawkish as compared to September…

07 November 2024 Flash note 6 Nov 2024

Jakarta Composite Index (JCI) touched -1.5% today due to rising selling pressure across big caps and companies with high proportion of its costs linked to USD, as US election votes results pointed to Trump as the next US president. While Trump’s victory seems to be in-line with market expectation, the…

05 June 2024 Flash note 5 June 2024

Jakarta Composite Index (JCI) is down by -2.1% today, pressured by sell-off in certain group of stocks such as: BREN, TPIA, AMMN, BRPT, and CUAN. One of the reasons could be due to BREN that was initially announced to be included in FTSE index, its inclusion was cancelled, putting the…

30 May 2024 BPAM Flash Note 30 May 2024

JCI index is under pressure today (with intraday low of -2,1%) dragged down by sell-off in large cap stocks (BMRI, BBRI, BBCA, AMMN, TLKM, ASII) due to various reasons such as rising treasury yield, unfavorable domestic news and full call auction on BREN. JCI has seen 5 consecutive days of…

02 May 2024 BPAM flash note 2 May 2024

JCI index is under pressure today (with intraday low of -2%) dragged down mainly by large cap banking stocks (BBCA, BBNI, BBRI, BMRI, and BRIS), especially BMRI that was down by -12% as it reported weaker-than-expected 1Q24 result. Furthermore, there was downward revision on BMRI guidance for 2024 that could…

16 April 2024 BPAM Flash Note - 16 April 2024

During Eid-Al Fitr holiday in Indonesia (April 8-15), global indices retreated where S&P was -2.7%, MSCI Asia ex-Japan was -1.5%, and MSCI Europe was -0.5% due to combination of persistent US inflation and heightened geopolitical conflict in the Middle East. This build-up in selling pressure brought JCI to weaken more than…

01 April 2024 BPAM Flash Note - 01 April 2024

24 October 2023 BPAM Flash Note - Road to Medan Merdeka

17 October 2023 BPAM Flash Note - Uncertainty from Middle East

21 May 2021 Perubahan KIK dan Prospektus

Pertama-tama kami mengucapkan banyak terimakasih atas kepercayaan Bapak/Ibu yang telah berinvestasi pada produk Reksa Dana yang dikelola oleh PT Batavia Prosperindo Aset Manajemen. Bersama ini kami PT Batavia Prosperindo Aset Manajemen selaku Manajer Investasi bermaksud memberitahukan rencana perubahan KIK dan Prospektus atas Reksa Dana berbentuk Kontrak Investasi Kolektif ..........

06 August 2020 GDP 2Q20 - Darkest before the dawn

GDP growth contracted by 5.32% YoY in 2Q20, the weakest since 1999 and deeper than market estimates of -4.7%YoY. The negative growth in 2Q20 was mainly due to contraction in consumption and investment by 5.73% & 8.61% YoY, largely due to the pandemic measures and PSBB policy. 

24 October 2019 A new hope

During inauguration, President Joko Widodo emphasizes the goal to become develop country and focus on 5 things i.e. human capital, infrastructure, regulation, bureaucracy and economic transformation.

14 October 2019 The Deal 1.0

US-China mini-deal is a substantial progress between both sides, which suggest that they are looking for ways to reach an agreement.

05 July 2019 Riding the wave

Equity market volatility have increased in 2Q19 with a rebound in June 2019 offsetting the sharp correction in May 2019. The recovery is mainly driven by easing escalation between US & China and expectation on pro-growth policies from Fed, China and ECB.......Hanya tersedia dalam bahasa Inggris

28 May 2019 US-China Trade Deal: It Takes Two To Tango

Recent US-China trade talks had ended without any deal amid rising market expectation. At the same time, US$200bn of US imports from China is taxed at 25% now, up from 10% previously.

11 February 2019 What do we see in 2019 ?

Our base case is the external headwinds (i.e. oil price, USD, UST yield, concern on Emerging Market, trade tension, etc) to ease/moderate going into 2019. Hence, this should bode well for Emerging Market, including Indonesia, amid slower global growth and less accommodative monetary policy. Meanwhile, domestic growth continues to be…

11 February 2019 Market Beat December 2019

The psyche of late cycle trading will be appropriate for handling USD rates in 2019. The Fed has been embarking on policy normalisation over the past five years and rate hikes will probably conclude sometime this year. To recap, since early 2015, the Fed’s balance sheet has shrunk by close…