Research & Stock Picks

Morning Briefs

02 January 2026

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JCI is Expected to Decline Today

The US markets closed lower on Wednesday (Dec 31): Dow -0.63%, S&P 500 -0.74%, and Nasdaq -0.76%. Wall Street’s key indexes closed lower in the final trading session of 2025, yet still posted strong annual gains following a volatile year marked by uncertainty over President Donald Trump’s tariff policies and strong enthusiasm for AI-related stocks. The 10-year U.S. Treasury yield went up +0.60% (-0.025 bps) to 4.175%, while the USD Index rose +0.04% to 98.0.

Commodity markets closed mixed on Tuesday (Dec 30): Brent crude -0.03% to USD 61.92/bbl, coal -1.20% to USD 106.65/ton, CPO +0.57% to MYR 4,070/ton, and gold +0.16% to USD 4,339/oz.

Asian markets closed mostly lower at the end of the year: Kospi -0.15%, Hang Seng -0.87%, Nikkei -0.37%, and Shanghai +0.09%. The JCI edged up +0.03% to 8,646.9, with overall foreign net sell of IDR 938 billion; IDR -888.8 billion in the regular market, and IDR -49.2 billion in the negotiated market. The largest foreign outflow in the regular market was recorded by BBRI (IDR 415.6 billion), followed by DEWA (IDR 267.9 billion), and BUMI (IDR 109.1 billion). The largest foreign inflow in the regular market was recorded by FILM (IDR 137.6 billion), followed by UNTR (IDR 82.4 billion), and PTRO (IDR 68.7 billion). Top leading movers are FILM, SMMA, BREN, while top lagging movers are BBRI, DCII, AMMN.

This morning, KOSPI is trading lower at -0.37%. We expect the JCI to decline today amid negative sentiment from regional markets.

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