Market Data In last week’s trading, Jakarta Composite Index (JCI) closed up 0.34% at 6,196.43. Foreign investors recorded a net sell of IDR 3.38 trillion across all markets and IDR 2.56 trillion in the Regular Market. Foreign investors posted net inflows into BRPT (IDR 209.3B), ANTM (IDR 99.6B), PTRO (IDR 95.1B), AKRA (IDR 80.0B), and ADRO (IDR 67.0B). Meanwhile, the largest foreign net outflows were seen in BMRI (IDR 862.2B), ASII (IDR 497.2B), BBCA (IDR 310.5B), AMMN (IDR 166.8B), and BUMI (IDR 125.1B). Global investors are closely monitoring developments in the Middle East after the U.S. suspended strikes against Iran for a second consecutive night, easing concerns over potential oil supply disruptions. However, geopolitical risks remain elevated following Houthi attacks on Saudi Aramco facilities. Meanwhile, higher U.S. Treasury yields reflect expectations that energy-driven inflation could encourage the Federal Reserve to resume interest rate hikes at its upcoming meeting. Pressure on Intel shares and AI-related hyperscalers also highlights investor concerns over elevated AI capital expenditure despite resilient semiconductor fundamentals. Domestically, investors are watching the government’s decision to keep tobacco excise tax rates unchanged in 2027 while introducing an additional tariff layer aimed at curbing illegal cigarette circulation. Market participants are also assessing Indonesia’s fiscal outlook, with economists emphasizing that the government’s debt-to-GDP ratio of around 40% should be evaluated based on debt-servicing capacity and the quality of public spending rather than the headline ratio alone. This week, investors will focus on the Federal Reserve’s interest rate decision, which is expected to remain unchanged at 3.75% (Prev: 3.75%; Cons: 3.75%). Markets will also closely watch the release of U.S. Q2 GDP Growth, forecast to accelerate to 2.3% QoQ (Prev: 2.1%), and June Core PCE MoM, expected to ease to 0.1% (Prev: 0.3%). From China, investors will monitor the outcome of the Politburo Meeting, June Industrial Profits (YTD) (Prev: 18.8% YoY), July NBS Manufacturing PMI, which is expected to return to contraction territory at 49.9 (Prev: 50.3), and Non-Manufacturing PMI, forecast at 50.0 (Prev: 50.2). From Indonesia, no major economic data releases are scheduled this week. However, investors will continue to monitor geopolitical tensions, which recently pushed Brent crude above USD 100/bbl and WTI to around USD 88/bbl, although both benchmarks have since retreated to below USD 90/bbl. In addition, investors are advised to keep a close watch on domestic developments that could influence market sentiment. Stockpick: AADI, BIPI, MIKA.