Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 6,241.89, down 3.09%. Foreign investors recorded a net sell of IDR 3.16 trillion across all markets and a net sell of IDR 3.50 trillion in the Regular Market. Foreign investors recorded net inflows into MDKA (IDR 76.8B), TAPG (IDR 70.1B), SINI (IDR 65.4B), EMAS (IDR 40.0B), and AMRT (IDR 37.5B). Meanwhile, the largest foreign net sellings were recorded in BMRI (IDR 957.6B), BBRI (IDR 707.9B), TLKM (IDR 491.1B), ANTM (IDR 229.5B), and BBCA (IDR 139.2B). Wall Street closed higher on Friday (25/09/26), supported by easing oil prices and moderating Treasury yield pressures. Positive developments in US–Iran negotiations also pushed oil prices down to around US$92/bbl, amid potential reopening of the Strait of Hormuz and improving energy flows. Technology stocks also provided support, while investors continued to monitor geopolitical developments and oil price movements. Domestic sentiment remains mixed, with investors monitoring developments in the Islamic economy and fiscal policy. Indonesia’s Islamic financial assets reached IDR 3,131 trillion in 2Q26, in line with 5.50% YoY growth in the halal value chain and improving Islamic economic literacy. Meanwhile, the 2027 State Budget Bill includes provisions for special tax refund audits, which could potentially add to the verification process, particularly for exporters that rely on tax refunds as part of their working capital. Further implementation details are still pending the relevant regulation. This week, key economic data to watch from the US include JOLTs Job Openings (Prev: 7.27M; Cons: 7.23M), Consumer Confidence (Prev: 89.4; Cons: 90.0), Core PCE YoY (Prev: 3.3%; Cons: 3.4%), GDP Growth QoQ Final (Prev: 2.1%; Cons: 1.6%), ISM Manufacturing PMI (Prev: 54.6; Cons: 54.8%), Non-Farm Payrolls (Prev: 162K; Cons: 100K), and Unemployment Rate (Prev: 4.1%; Cons: 4.2%). From China, key data include Industrial Profits YTD YoY (Prev: 17.6%; Forecast: 18.0%), Current Account Final Q2 (Prev: US$184.3B; Forecast: US$195.1B), NBS Manufacturing PMI (Prev: 49.8; Cons: 50.1), and Non-Manufacturing PMI (Prev: 49.0; Cons: 49.3). From Indonesia, key data include Manufacturing PMI (Prev: 49.8; Forecast: 50.3), Balance of Trade (Prev: US$0.13B; Forecast: US$1.3B), Inflation YoY (Prev: 3.19%; Cons: 3.4%), and Core Inflation YoY (Prev: 2.92%; Cons: 2.7%). Stockpick: ADRO, ANTM, INDF.