Market Data During last week’s trading, Jakarta Composite Index (JCI) closed at 5,057.05, declining by 7.03%. Foreign investors recorded a net sell of Rp3.08 trillion in the all-market segment and Rp4.17 trillion in the regular market. The largest foreign net buying inflows were recorded in BBCA (Rp370.0 billion), ASII (Rp133.7 billion), BUMI (Rp91.9 billion), DEWA (Rp89.6 billion), and CPIN (Rp69.5 billion). Meanwhile, the largest foreign net selling outflows were recorded in TLKM (Rp1,189.9 billion), BMRI (Rp1,124.3 billion), BBRI (Rp504.9 billion), ANTM (Rp289.9 billion), and BBNI (Rp251.8 billion). GLOBAL SENTIMENT: US stock markets closed sharply lower on Friday (30/10/26), pressured by a selloff in technology stocks following disappointing corporate earnings and growing concerns over the AI business outlook. Intel plunged 28.6%, while S&P 500 fell 1.82%, Nasdaq declined 2.86%, and Dow Jones weakened 1.09%. On the other hand, energy stocks advanced after ExxonMobil and Chevron reported third-quarter earnings above market expectations. INDONESIA SENTIMENT: Domestic sentiment was supported by digital economy tax revenue, which reached Rp12.72 trillion during January–September 2026, with Electronic System-Based Trading (PMSE) contributing the largest portion at Rp9.54 trillion. Meanwhile, the government is offering various tax incentives through the Indonesia Financial Centre (PFII), including up to 100% corporate income tax reductions for up to 50 years to attract global investors. However, PFII’s attractiveness will largely depend on legal certainty, governance quality, institutional credibility, and capital market transparency to compete with Singapore and Dubai in attracting foreign investment. This week, global markets will focus on several key US economic releases, particularly the October ISM Manufacturing PMI (consensus: 54.6 vs. previous: 54.5), ADP Employment Change (consensus: 65K vs. previous: 90K), ISM Services PMI (consensus: 54.8 vs. previous: 54.9), as well as October Nonfarm Payrolls (consensus: 65K vs. previous: 29K) and the Unemployment Rate (consensus: 4.2% vs. previous: 4.2%). US employment data will be a key focus in assessing labor market conditions and providing further clues regarding the Federal Reserve’s interest rate policy outlook. From China, investors will monitor the October RatingDog Manufacturing PMI (consensus: 51.6 vs. previous: 52.1), RatingDog Services PMI (consensus: 51.5 vs. previous: 51.6), and Composite PMI (forecast: 52.2 vs. previous: 52.4). These indicators will provide insights into the momentum of China’s manufacturing and services activities. Domestically, attention will be focused on October Inflation (consensus: 3.29% YoY vs. previous: 3.28%; 0.25% MoM vs. previous: 0.30%), September Trade Balance (consensus: US$1.9 billion surplus vs. previous: US$3.55 billion), and third-quarter 2026 Economic Growth (consensus: 5.2% YoY vs. previous: 5.29%, and 1.3% QoQ vs. previous: 3.73%). In addition, September Export and Import data will also be closely monitored, with consensus growth of 6.45% YoY and 20.83% YoY, respectively, compared to the previous readings of 6.72% and 19.09%. Stockpick: ADRO, BBNI, ELSA.