Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 5,924.36, up 0.83%. Foreign investors recorded a net sell of IDR 1.75 trillion across all markets and IDR 1.68 trillion in the Regular Market. Foreign investors posted net inflows into BBCA (IDR 638.0B), BRPT (IDR 74.1B), ADRO (IDR 57.0B), ELSA (IDR 41.2B), and GOTO (IDR 38.4B). Meanwhile, the largest foreign net outflows were recorded in MAPI (IDR 699.5B), BBRI (IDR 327.1B), ASII (IDR 145.5B), BMRI (IDR 114.7B), and TLKM (IDR 109.9B). Global investors are currently focused on escalating geopolitical tensions in the Middle East after the US and Iran exchanged fresh missile strikes, while concerns over a potential closure of the Strait of Hormuz pushed crude oil prices up more than 3% to above US$73 per barrel. Domestically, the government is accelerating its energy self-sufficiency agenda through the B50 biodiesel program and aims to produce gasoline from palm oil and ethanol from cassava and corn within the next 3–4 years. The B50 program is expected to save up to IDR 170 trillion in foreign exchange. Meanwhile, Indonesia’s tax refund realization fell 31.5% YoY to IDR 171.2 trillion in 1H26, which some analysts believe reflects slower tax refund disbursements. This week, market attention will be focused on several key economic releases. In the US, investors will monitor June CPI (consensus: 3.9% YoY vs. previous 4.2%), Core CPI (2.9% vs. 2.9%), PPI (6.3% vs. 6.5%), Retail Sales (0.3% MoM vs. 0.9%), and Initial Jobless Claims (218K vs. 215K). In China, investors will watch 2Q26 GDP (consensus: 4.4% YoY vs. previous 5.0%), Trade Balance (US$121B vs. US$105.43B), Industrial Production (4.7% YoY vs. 4.5%), and Retail Sales (-0.1% YoY vs. -0.6%). In Indonesia, no major economic data releases are scheduled this week. However, investors will closely monitor developments in the US-Iran conflict, which has driven oil prices higher, as well as the upcoming US inflation data that could influence the Federal Reserve’s next policy decision. Stockpick: ACES, ARCI, HRUM.