■ Brian Yuliarto was sworn in as chief of the newly established Mineral Industry Agency while retaining his ministerial post. The inauguration underscores Prabowo’s commitment to downstreaming policies.
■ The Finance Ministry earmarked IDR 3.4 tn to cover VAT waivers on 40,000 homes priced up to IDR 2 bn. Buyers will benefit from full VAT discounts in 1H25 and partial waivers in 2H25.
■ On Monday (25/8), JCI closed +0.87% higher at 7,926.9 with foreign investors posting net buy of IDR 726.7 billion in the regular market and IDR 4.6 billion in the negotiated market.
■ According to Relative Rotation Graph (RRG), all long-term yields above 10 years are still leading the 10-year benchmark, but experiencing weakening momentum, except for the 9-13-16 and 30-year tenors. Meanwhile, except for the 8- and 9-year tenors, all short-term tenors below 10 years are lagging behind the 10-year, all experiencing weakening momentum.
■ We recommend INDOGB bonds such as FR91, FR88, FR85, FR72, FR37 and INDOIS: PBS25, PBS35, PBS38.
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