Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 6,518.12, down 0.12%. Foreign investors recorded a net buy of IDR 279.20 billion across all markets and a net sell of IDR 1.31 trillion in the Regular Market. Foreign investors recorded net inflows into BMRI (IDR 580.0B), BBCA (IDR 386.5B), TINS (IDR 82.1B), BRMS (IDR 70.7B), and ICBP (IDR 68.7B). Meanwhile, the largest foreign net selling was recorded in BBRI (IDR 473.0B), ISAT (IDR 231.8B), AMMN (IDR 172.7B), TPIA (IDR 138.4B), and BUMI (IDR 132.1B). Global sentiment, US stock markets weakened amid profit-taking in chipmaker stocks and rising expectations of a Fed rate hike next month following hawkish remarks from Fed Chair Warsh. Meanwhile, Brent crude prices fell to US$89.3 per barrel, pressured by easing concerns over potential supply disruptions in the Persian Gulf as flows through the Strait of Hormuz improved and developments emerged regarding the Iran–Oman corridor. Domestic sentiment, The relaxation of Domestic Export Proceeds (DHE) placement requirements for 64 mining-sector exporters could bring approximately US$30–40 billion in foreign exchange into Indonesia annually. However, with the lower placement requirement of at least 30% for three months, the amount of funds that would be mandatorily parked in the domestic financial system is estimated at only around US$2.3–3.5 billion on an annual average basis. The policy could still support domestic liquidity and rupiah stability, although its impact on additional domestic liquidity is more limited compared with the previous placement scheme. This week, key economic data to watch from the US include the ISM Manufacturing PMI, expected at 55.3 (prev. 55.6), JOLTS Job Openings at 7.39 million (prev. 7.36 million), ADP Employment Change at 47K (prev. 44K), and ISM Services PMI at 54.1 (prev. 54.1). The market will also closely monitor Non-Farm Payrolls, expected at 45K (prev. -23K), with the Unemployment Rate at 4.2% (prev. 4.1%) and Average Hourly Earnings MoM at 0.2% (prev. 0.1%). From China, the market will monitor the NBS Manufacturing PMI, expected at 49.7 (prev. 49.2), NBS Non-Manufacturing PMI at 49.5 (prev. 49.0), as well as the RatingDog Manufacturing PMI at 50.9 (prev. 50.9) and Services PMI at 50.6 (prev. 50.4). These data will be important in assessing the development of China’s manufacturing and services sectors. From Indonesia, key focus will be on August inflation, expected at 3.13% YoY (prev. 2.88%), the July trade balance at -US$0.6 billion (prev. -US$0.45 billion), and the S&P Global Manufacturing PMI, expected at 50.5 (prev. 50.2). In addition, July exports are expected to grow 4.5% YoY (prev. 8.84%), while imports are expected to increase 24.1% YoY (prev. 34.27%). Stockpick: AADI, BBNI, JSMR.