Market Breakthrough

Daily Market Wrap

January 28, 2026

NEWS

• America : Wall Street was mixed (S&P +0.70%, Nasdaq +0.91%, Dow -0.83%) driven by the earnings season and accumulation of technology stocks. The 10-year US Treasury yield rose slightly to 4.24%, reflecting the market's anticipatory stance despite lingering concerns over inflation and the US fiscal deficit. The market is adopting a wait-and-see approach ahead of the FOMC meeting.
  
• Asia : Asian markets closed higher (Nikkei +0.85%, China SSE +0.18%, KOSPI +2.73%, Hang Seng +1.35%) were driven by bargain hunting of semiconductor stocks, a weakening yen that supported Japanese exporters, supported by China's more accommodative policy signals and expectations of continued stimulus, although investors remained wait and see ahead of the Fed's policy decision and the release of further economic data.
  
  

• The JCI rose +0.05% to 8,980, held back by concerns over central bank independence and foreign selling, as well as the issue of Danantara potentially taking over 28 companies following the revocation of licenses due to the Sumatra disaster, which triggered negative sentiment that weighed on the JCI, causing it to rise only slightly, while global markets waited ahead of the FOMC.
  
• Bond market: The 10-year SUN yield rose to 6.34%, as bond prices corrected due to investor caution regarding BI's monetary policy, foreign outflows, and unstable global sentiment. Inflationary pressures and the Fed's still-tight stance have made investors defensive, despite improving domestic liquidity.

Daily Market Wrap

January 27, 2026

NEWS

• America : Wall Street closed mixed (S&P +0.50%, Nasdaq +0.43%, Dow +0.64%) amid a rotation into the technology sector ahead of AI companies' earnings releases. Held back by President Trump's threat of 100% tariffs on Canada and escalation in the Middle East. The 10Y UST yield fell to 4.21%, reflecting expectations of an economic slowdown due to aggressive tariff policies and focus on awaiting the Fed's decision.
  
• Asia : Asian markets closed mixed with a downward trend (Nikkei -1.79%, China SSE -0.09%, KOSPI -0.81%, Hang Seng +0.06%), due to geopolitical escalation in the Middle East and President Trump's threat of global tariffs. In addition to selling pressure on exporter stocks due to the strengthening yen, the wait-and-see attitude towards the Fed and PBOC policies shows that investor risk appetite remains fragile and highly sensitive to global dynamics.
  

• The JCI rose 0.27% to 8,975, supported by a surge in commodity stocks amid energy price fluctuations and positive IMF sentiment towards the Indonesian economy. Despite strengthening, the market was overshadowed by high volatility and net foreign selling of banking stocks due to global geopolitical concerns and uncertainty over Fed policy.
  
• Bond market: The 10-year SUN yield fell to 6.35%, driven by the strengthening of the Rupiah (Rp16,779) and the flattening of the 10-year UST yield. Although selling pressure eased, low transaction volumes indicate investor caution regarding the fiscal risk of the 2026 state budget deficit and changes in the government's debt tenor strategy.

Daily Market Wrap

January 21, 2026

NEWS

• America : Wall Street weakened sharply with the S&P 500 down 2.06%, the Dow Jones down 1.76%, and the Nasdaq down 2.39%, the deepest decline since October 2025 amid a surge in volatility and risk aversion. The pressure was triggered by Donald Trump's tariff threats against European countries, which increased the risk of a trade war, prompting a shift to defensive assets. The 10-year US Treasury yield rose to 4.29%, reflecting the repricing of long-term risk amid geopolitical uncertainty.
  
• Asia : Asian markets weakened with the Nikkei 225 down 1.11%, KOSPI down 0.39%, and China's SSE down 0.01%, while the Hang Seng was up 0.29%, reflecting global risk-off sentiment following new US tariff threats that sparked concerns over regional export stability. Pressure was exacerbated by political uncertainty in Japan and the PBoC's decision to hold the LPR, confirming selective stimulus amid weak domestic demand in China.
  

• The JCI strengthened to 9,134 (+0.01%), remaining in a consolidation phase. Investors are taking a wait-and-see approach ahead of the BI RDG, with the BI Rate expected to remain at 4.75% to maintain the stability of the Rupiah at Rp16,900 USD. The weakening of the Rupiah has encouraged selectivity towards exporter/commodity stocks, while import-cost stocks are under pressure. The rally remains solid, but volatility has increased in line with profit-taking after a long rally.
  
• Bond market: The 10Y SUN yield rose to 6.31%, reflecting moderate selling pressure due to an increase in risk premiums amid the weakening of the Rupiah, as well as perceptions of the direction and independence of BI's monetary policy, which increased the demand for long-term risk compensation. Repricing was also triggered by the risk of foreign outflows and global uncertainty, although the market is watching for opportunities for the Fed Funds Rate to moderate towards the end of Q1-2026.

Daily Market Wrap

January 20, 2026

NEWS

• America : US stock markets closed in observance of Martin Luther King Jr. Day. However, risk-off sentiment was reflected in the weakening of futures indices throughout the holiday, reflecting investor caution regarding geopolitical risks and global trade policy uncertainty.
  
• Europe: European markets closed lower with the European STOXX 600 Index falling 1.2%, the sharpest daily decline in the last two months, triggered by political tensions over President Trump's threat of tariffs against eight NATO member countries if they oppose Trump's plan to take control of Greenland, as well as economic data from China.
• Asia : Asian stock markets closed mixed this afternoon with a risk-off sentiment amid geopolitical escalation and US tariff threats. Pressure was seen in the Nikkei 225, which fell 0.65%, and the Hang Seng, which weakened 1.05%. On the other hand, the Kospi rose 1.32%, driven by positive sentiment toward domestic technology stocks, while China's SSE rose 0.29%, showing the resilience of the Chinese stock market despite slowing growth momentum.
  
  

• The JCI hit an ATH of 9,133 (+0.64%), driven by foreign funds, especially into big cap banking and consumer cyclicals, with strong liquidity (transaction value of IDR 35.7 trillion) ahead of the release of FY2025 performance of major banks. Domestic sentiment remains positive amid expectations that Bank Indonesia will hold interest rates steady, although external risks limit room for further increases and open up opportunities for short-term profit-taking.
  
• Bond market: The 10Y SUN yield rose to 6.28%, reflecting light selling pressure triggered by rising global yields as the 10Y UST remained high. Rupiah volatility and foreign investor outflows in medium to long tenors also weighed on the bond market. The widening SUN-UST spread indicates an increase in risk premium, reinforced by rebalancing into equities amid the JCI's record momentum.

Publication

Promotion

Promotion Terms & Conditions :

1. Minimum purchase of KB Valbury Asset Management Mutual Fund equivalent to IDR 1,000,000 will get a Bonus of IDR 100,000 if the participants meet all the terms and conditions of the program.
2. Valid for Valbury Prime Dynamic Equity Mutual Fund products.
3. Purchases of Mutual Funds for this promotion program can only be made on January 5-9, 2026 and must be through BRAVO.
4. Participants who do not make redemption transactions during the program period (5-30 January 2026) will get a maximum participation unit bonus of Rp. 100,000 (One Hundred Thousand Rupiah).
5. Participants who make redemption transactions during the program period (5-30 January 2026) are considered to have failed and are not entitled to bonuses.
6. The promotion is valid for the first 100 customers (new customers with no investment history)
7. The promotion is not valid for KB Valbury Asset Management’s employees.
8. The bonus is in the form of Valbury Prime Dynamic Equity mutual fund participation units.
9. The bonus will be given, no later than 7 working days after the end of the promotion program.
10. Taxes on the bonus received by the customer are borne by the Prize Recipient in accordance with applicable tax provisions.
11. This promotion cannot be combined with other promotions.

1. Prizes are non-transferable.
2. The decision of PT KB Valbury Asset Management in determining the winner is absolute and cannot be contested.
3. KBVAM reserves the right to disqualify and cancel any bonus if there are indications of abuse of any form by participants and/or violations of terms and conditions.
4. KBVAM may change or terminate the promo and it’s terms and conditions at any time without prior notice.
5. This policy is effective from 5 January 2026 and if there are any changes it will be further confirmed.
6. Provisions that have not been listed in this circular letter (if any) will be regulated later.

Publication

PLAN OF AMENDMENT KIK & PROSPECTUS OF MUTUAL FUND KBVAM

ANNOUNCEMENT OF PLANNING TO CHANGE COLLECTIVE INVESTMENT CONTRACTS ("KIK") AND PROSPECTUS OF MUTUAL FUNDS MANAGED BY PT KB VALBURY ASSET MANAGEMENT

PT KB Valbury Asset Management, as Investment Manager of:

1. VALBURY STABLE GROWTH FUND;
2. VALBURY INVESTASI BERIMBANG FUND;
3. VALBURY LIQUID FUND;
4. VALBURY MONEY MARKET I FUND; and
5. VALBURY PRIME DYNAMIC EQUITY FUND.

1. Change of the Investment Manager's name from "PT Valbury Capital Management" to "PT KB Valbury Asset Management";
2. Change of the name of KB VALBURY MUTUAL FUNDS in connection with the change of the Investment Manager's name as referred to in point 1) above;
3. Additional information on the Auto-debit mechanism for periodic payments for Participation Unit purchases of KB VALBURY MUTUAL FUNDS by KB VALBURY MUTUAL FUNDS Unit Holders.
4. Additional payment methods for purchasing Participation Units in VALBURY MUTUAL FUNDS by Unit Holders can be made through a Virtual Account;
5. Additional information that payment for purchasing Participation Units in VALBURY MUTUAL FUNDS into VALBURY MUTUAL FUNDS accounts can be made by transfer via electronic means, including payment gateways and QRIS (Quick Response Code Indonesian Standard), as long as it complies with applicable laws and regulations;
6. Updated correspondence addresses for the Investment Manager for all VALBURY MUTUAL FUNDS, except for the VALBURY LIQUID FUND.
7. Changes to the Composition of the Board of Directors and Investment Management Team of the Investment Manager; and
8. Adjustments to the provisions in the KIK and Prospectus to the Laws and Regulations of the Financial Services Authority ("POJK"), including the following:

• Law Number 4 of 2023, dated January 12, 2023, concerning the Development and Strengthening of the Financial Sector;
• OJK Regulation Number 17/POJK.04/2022, dated September 1, 2022, concerning the Guidelines for Investment Manager Conduct;
• OJK Regulation Number 4 of 2023, dated March 30, 2023, concerning the Second Amendment to OJK Regulation 23/POJK.04/2016 concerning Mutual Funds in the Form of Collective Investment Contracts;
• OJK Regulation Number 8 of 2023, dated June 14, 2023, concerning the Implementation of Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation of Weapons of Mass Destruction Programs in the Financial Services Sector;
• OJK Regulation Number 22 of 2023, dated December 22, 2023, concerning OJK Regulation Concerning Consumer and Community Protection in the Financial Services Sector;
• OJK Regulation Number 22/POJK.04/2017 dated June 21, 2017, concerning Securities Transaction Reporting; and
• OJK Regulation Number 33 of 2024 dated December 19, 2024, concerning the Development and Strengthening of Investment Management in the Capital Market;
• OJK Regulation Number 56/POJK.04/2020 dated December 3, 2020, concerning Mutual Fund Reporting and Accounting Guidelines (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS);
• OJK Regulation Number 31/POJK.07/2020 dated April 22, 2020, concerning the Provision of Consumer and Public Services in the Financial Services Sector by the Financial Services Authority (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS);
• OJK Regulation Number 18/POJK.07/2018 dated September 10, 2018 concerning Consumer Complaints Services in the Financial Services Sector (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS); and
• OJK Regulation Number 61/POJK.07/2020 dated December 14, 2020 concerning Alternative Dispute Resolution Institutions in the Financial Services Sector (specifically for VALBURY INVESTMENT BALANCED MUTUAL FUNDS and VALBURY MONEY MARKET I MUTUAL FUNDS).

Publication

Resolving Investment Disputes in the Right Way: Getting to Know LAPS SJK

As part of our commitment to transparency and investor protection, we support dispute resolution mechanisms through the Financial Services Sector Alternative Dispute Resolution Institution (LAPS SJK).
LAPS SJK is an independent institution licensed and supervised by the Financial Services Authority (OJK), which functions to assist in the fair, swift, and out-of-court resolution of disputes between consumers and financial service providers—including investment management companies.

The existence of LAPS SJK is regulated in OJK Regulation (POJK) Number 61/POJK.07/2020 concerning the Alternative Dispute Resolution Institution for the Financial Services Sector, which forms the legal basis for the implementation of non-litigation dispute resolution processes in the financial services industry.
Services Provided

• Mediation: dispute resolution by facilitating dialogue between disputing parties to reach a mutually beneficial agreement through a negotiation process between the disputing parties.
• Arbitration: resolution of civil disputes through an arbitrator's decision outside of the general court system based on an Arbitration Agreement made in writing by the disputing parties.
• Binding Opinions: Provision of professional views on differences in interpretation in the implementation of agreements, for example regarding: interpretation of unclear provisions; additions or changes to provisions related to the emergence of new circumstances; or regarding certain legal relationships of an agreement.

Publication

Cuan Challenge

Program Terms & Conditions:

1. Promotion applies to new, existing and KB group employees
2. Customers who wish to participate in the CUAN CHALLENGE program are required to register in advance through the link available: bit.ly/joincuanchallenge
3. For those who are interested in participating in the CUAN CHALLENGE program but are not yet KB Valbury Asset Management customers, they can open a mutual fund account online through BRAVO (https://bravo.valbury.co.id) or manually fill out a mutual fund account opening form before registering as a CUAN CHALLENGE program participant.
4. Participants who have registered must make a subscription every month consecutively for 12 months, starting from the month when registering a minimum of Rp, 500,000, - (five hundred thousand rupiah).
5. Products that are included in the CUAN CHALLENGE program are Mutual Fund Products: Valbury Money Market I
6. Participants who do not make a subscription in 1 month or more during the regular investment period, will be disqualified.
7. Participants who do not make redemptions and successfully complete the Cuan Challenge program for 12 months will get a participation unit bonus of Rp. 150,000 (one hundred and fifty thousand rupiah).
8. The bonus will be given after each participant's periodic investment program ends in the form of mutual fund participation units (maximum 14 working days).
9. Taxes on bonuses received by customers are borne by KB Valbury Asset Management in accordance with applicable tax regulations.
10. Participants who have completed the Cuan Challenge program and have not made redemptions in the following 3 months will get an additional bonus of Rp.50,000 (fifty thousand rupiah).

1. Prizes are non-transferable
2. The decision of PT KB Valbury Asset Management (KBVAM) in determining the winner is absolute and cannot be contested.
3. KBVAM has the right to disqualify and cancel the bonus if there are indications of misuse by participants and / or violations of the terms and conditions.
4. KBVAM may change or terminate the promo and terms and conditions at any time without prior notice.
5. This policy is effective as of August 01, 2025 and if there are any changes will be informed further.
6. Provisions that have not been listed in this circular will be regulated later.