Market Data In last week’s trading, Jakarta Composite Index (JCI) surged 4.24% to close at 6,175.54. Foreign investors recorded a net buy of IDR 441.42 billion across all markets, while posting a net sell of IDR 449.98 billion in the Regular Market. Foreign investors recorded the largest net inflows into BMRI (IDR 557.1B), TPIA (IDR 244.0B), ANTM (IDR 237.4B), BBCA (IDR 139.0B), and TLKM (IDR 65.7B). Meanwhile, the biggest foreign net outflows were seen in ASII (IDR 532.0B), MAPI (IDR 187.9B), BRMS (IDR 102.0B), DEWA (IDR 96.5B), and PGAS (IDR 93.6B). Globally, investors are closely monitoring concerns over slowing AI infrastructure spending, which has weighed on semiconductor stocks. Market sentiment is also pressured by rising inflation risks stemming from the Middle East conflict and higher energy prices. In addition, renewed U.S.-China tensions intensified after President Donald Trump accused China of interfering in the 2020 U.S. presidential election, raising concerns over the durability of the trade truce between the two countries. Domestically, investors will focus on Bank Indonesia’s Board of Governors Meeting (RDG BI), signs of slower business activity in 3Q26, and the implementation of the IDR 240 trillion Merah Putih Village Cooperative (Kopdes) program. Given its sizeable budget and six-year implementation period, markets will assess the program’s effectiveness in supporting economic growth, stimulating regional economic activity, and maintaining fiscal sustainability. This week, market attention will turn to several key economic releases. In the U.S., investors will watch the Conference Board Leading Economic Index (LEI), Initial Jobless Claims, S&P Global Flash Manufacturing and Services PMIs, New Home Sales, and other housing indicators for further clues on economic momentum. According to CME FedWatch, markets expect the Fed to keep the policy rate unchanged at 3.50%–3.75% in July with an 85.6% probability. Meanwhile, markets assign a 53.5% probability that the Fed will raise rates to 3.75%–4.00% at its September meeting. In China, investors will monitor the one-year and five-year Loan Prime Rates (LPR), which are expected to remain unchanged at 3.00% and 3.50%, respectively, as well as Foreign Direct Investment (FDI) data for further insight into investment flows and the pace of economic recovery. In Indonesia, the main focus will be on Bank Indonesia’s policy meeting. While the consensus expects the BI Rate to remain at 5.75%, some market participants anticipate a 25-bps hike to 6.00% to support rupiah stability. Investors will also closely watch Loan Growth and M2 Money Supply data to assess domestic liquidity conditions and credit growth. Stockpick: AMMN, CPIN, ESSA.