Market Data In last week’s trading, Jakarta Composite Index (JCI) closed at 6,541.38, down 1.43%. Foreign investors recorded a net sell of IDR 3.36 trillion across all markets and IDR 2.31 trillion in the Regular Market. Foreign investors recorded net inflows into ANTM (IDR 692.6B), AADI (IDR 380.9B), PTBA (IDR 322.6B), BBRI (IDR 147.6B), and ERAA (IDR 93.0B). Meanwhile, the largest foreign net sellings were recorded in BBCA (IDR 1,484.1B), TPIA (IDR 356.3B), CPIN (IDR 351.8B), ISAT (IDR 257.7B), and BMRI (IDR 176.7B). GLOBAL SENTIMENT: Crude oil prices rose toward US$103 per barrel, the highest level in four months, after Saudi Arabia temporarily suspended operations of its East-West pipeline following drone attacks. The disruption raised concerns over global energy supplies, while talks on establishing a temporary shipping corridor through the Strait of Hormuz were postponed. Higher energy prices could add to inflationary pressures, with markets pricing in an approximately 86% probability of a Fed rate hike on Wednesday, while US inflation stood at 3.4% in August. DOMESTIC SENTIMENT: Indonesia’s tax revenue realization reached only 59.8% of the 2026 target through August, below the ideal level of around 66%, increasing the risk of a revenue shortfall of IDR 46.9 trillion, potentially widening to IDR 140 trillion under a moderate-to-pessimistic scenario. This could narrow the government’s fiscal space and raise the risk of the 2026 fiscal deficit widening to 2.7%–2.85% of GDP, requiring the government to carefully balance spending, additional SBN issuance, and fiscal stability. This week, key economic data to watch include the US Federal Reserve interest rate decision on Thursday (17/09), with Prev 3.75% and Cons 4.00%. Investors will also monitor Retail Sales MoM (Prev -0.6%; Cons 0.9%), Initial Jobless Claims (Prev 206K; Cons 209K), and Industrial Production MoM (Prev 0.2%; Cons 0.3%). From China, investors will monitor Industrial Production YoY (Prev 4.5%; Cons 4.8%), Retail Sales YoY (Prev 0.6%; Cons 0.8%), and Fixed Asset Investment YoY (Prev -6.7%; Cons -7.1%). Meanwhile, House Price Index YoY stood at Prev -3.2%, with a forecast of -3.1%. On liquidity, New Yuan Loans have a Prev of -CNY340B and Cons of CNY400B, while Total Social Financing has a Prev of CNY1,410B and Cons of CNY2,040B. From Indonesia, investors are advised to remain cautious and closely monitor global developments, particularly the Fed’s rate decision and potential shifts in foreign fund flows, which could affect the rupiah and domestic equity market. Stockpick: BBCA, PGAS, TINS.