{"id":9949,"date":"2025-12-09T00:00:00","date_gmt":"2025-12-08T17:00:00","guid":{"rendered":"http:\/\/mandiri.test\/uncategorized-id\/equity-market-commentary-nov-2025\/"},"modified":"2026-01-19T16:36:56","modified_gmt":"2026-01-19T09:36:56","slug":"equity-market-commentary-nov-2025","status":"publish","type":"post","link":"https:\/\/beta.toffeedev.com\/mandiri-new\/en\/market-update\/equity-market-commentary-nov-2025\/","title":{"rendered":"Equity Market Commentary : November 2025"},"content":{"rendered":"

Indonesia\u2019s 3Q25 GDP growth exceeded consensus at 5.04% YoY, supported by strong government spending and resilient exports, including solid shipments to China. October 2025 CPI inflation accelerated to 2.86% YoY\u2014the highest since April 2024\u2014driven primarily by higher personal care service costs and a sharp increase in gold prices in line with global commodity trends. Bank Indonesia kept the BI rate unchanged in November to maintain attractive yields for foreign portfolio inflows and defend the Rupiah, while reaffirming its pro-growth stance and commitment to strengthening macroprudential policy transmission.<\/p>\n

Business activity also strengthened, with the Manufacturing PMI rising to 51.2 in October as new domestic orders grew at their fastest pace since March and employment increased for a third consecutive month, even though export orders declined for a second month. We believe the improvement in PMI partly reflects rising confidence in the government, particularly following the new Minister of Finance\u2019s more pro-growth posture.<\/p>\n

Fiscal policy remained supportive, with government spending rising 30% MoM in October 2025, driven by social and material expenditures. Revenue collection improved but remains lower on a YoY basis. Disbursement of priority programs has also accelerated, reaching IDR 611 trillion in the first ten months of 2025. Looking ahead, we expect fiscal spending to continue gaining momentum in line with the Ministry of Finance\u2019s emphasis on effective and efficient policy transmission.<\/p>\n

 <\/p>\n

Product Recommendation<\/h2>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
EQUITY FUND<\/th>\n<\/tr>\n<\/thead>\n
MITRA A<\/a><\/td>\nMITRA invests in majority domestic stocks, with a focus on Big Cap stocks. Categorized as a Long-Term investment with high risk. Investors bear the risk associated with the equity portfolio.<\/td>\n<\/tr>\n
MICB A<\/a><\/td>\nMICB primarily invests in stocks included in the LQ45 index. Categorized as a Long-Term investment with high risk. Investors bear the risk associated with the equity portfolio.<\/td>\n<\/tr>\n
BALANCED FUND<\/th>\n<\/tr>\n
MIA<\/a><\/td>\nMIA invests in Equities, Bonds and Money Market with Medium Term and categorized Medium Risk. Investors bear the risk associated with the equity portfolio.<\/td>\n<\/tr>\n
MISB<\/a><\/td>\nMISB invests in Sharia Equities, Sukuk and Money Market Sharia with Medium Term and categorized Medium Risk. Investors bear the risk associated with the equity portfolio.<\/td>\n<\/tr>\n
EQUITY INDEX AND ETF FUND<\/th>\n<\/tr>\n
FTSE ESG A<\/a><\/td>\nFTSEESG primarily invests in stocks included in the FTSE Indonesia ESG Index. Categorized as a Long-Term investment with high risk. Investors bear the risk associated with the equity portfolio.<\/td>\n<\/tr>\n
XMLF<\/a><\/td>\nMandiri ETF LQ45 is an ETF that invests in blue-chip stocks listed in the LQ45 Index. Categorized as a Long-Term investment with high risk. Investors bear the risk associated with the portfolio of these stocks.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\n

For More Information<\/h3>\n

Contact Mandiri Investasi – (021) 526 3505
\nMandiri Investasi Email – cs@mandiri-investasi.co.id<\/a>
\nMandiri Investasi Website – www.mandiri-investasi.co.id<\/a><\/p>\n

\n

DISCLAIMER<\/em>
\n
\nThe opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for individuals or specific mutual fund or investment products. It is intended solely to provide education about the financial industry. Views reflected in the content may change at any time without notice. All performance data and investment returns mentioned in this article cannot be used as a basis for calculation to buy or sell a mutual fund. This data is performance records based on historical data and is not a guarantee of future mutual fund performance. Investment through mutual funds carries risks. Investors are required to read and understand the prospectus before deciding to invest through mutual funds.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Indonesia’s economy improved in 3Q25, with solid GDP, rising inflation, improving PMI, and looser fiscal policy supporting growth.<\/p>\n","protected":false},"author":1,"featured_media":7925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[368,382],"tags":[365],"class_list":["post-9949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-english"],"acf":[],"yoast_head":"\nEquity Market Commentary : November 2025 - Mandiri Investasi<\/title>\n<meta name=\"description\" content=\"Indonesia's economy improved in 3Q25, with solid GDP, rising inflation, improving PMI, and looser fiscal policy supporting growth.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equity Market Commentary : November 2025 - 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