Research & Stock Picks

Morning Briefs

21 November 2025

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JCI is Expected to Decline Today

US markets closed lower on Thursday (20/11): Dow -0.84%, S&P 500 -1.56%, and Nasdaq -2.15%. Despite Nvidia’s strong quarterly results, equities retreated as concerns over stretched tech valuations and elevated AI-related capex triggered broad selling across mega-cap names. The 10-year U.S. Treasury yield fell -1.26% (-0.052bps) to 4.084%, while USD Index rose +0.09% to 100.2.

Commodity markets closed mostly lower on Thursday (20/11): WTI crude -0.71% to USD 59.14/bbl, Brent crude -0.77% to USD 63.14/bbl, CPO -1.73% to MYR 4,153/ton, and gold -0.06% to USD 4,077.82/oz, while coal rose +0.75% to USD 114.25/ton.

Asian markets ended mostly higher on Thursday (20/11): Kospi +1.32%, Hang Seng +0.02%, Nikkei +2.65%, and Shanghai -0.40%. The JCI rose +0.16% to 8,419.9, with foreign net buy totaling IDR 1,269.5 billion; IDR 1,086.8 billion in regular market and IDR 182.7 billion in negotiated market. The largest foreign inflow in the regular market was recorded by BMRI (IDR 582.1 billion), followed by WIFI (IDR 250.1 billion), and BBCA (IDR 199.7 billion), while the biggest outflow was recorded by BUMI (IDR 288.8 billion), followed by COIN (IDR 71.2 billion), and ANTM (IDR 58.9 billion). Top leading movers: BMRI, BREN, DSSA; top lagging movers: BBCA, RISE, MDKA.

This morning, Nikkei opened lower (-2.66%), as did Kospi (-3.57%). We expect the JCI to decline today, pressured by negative sentiment from regional markets and sharp overnight plunge on Wall Street.

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