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 structure including management lineup for Danantara is expected to be released on 24 Mar. On FY2024 results, earnings for couple of sizable companies started to show signs of pessimism to achieve consensus 2025 target with earnings misses in 4Q2024: AMMN (35% earnings miss) and AMRT (20% earnings miss). On the other hand, IDR weakness continues at it touches USD/IDR 16,565. Furthermore, typically investors tend to raise cash heading into Eid Holiday as they are unable to trade for the next 10 days starting 28 Mar, reducing exposure in case any important events happening in between.