Global markets continue to strengthen, with the Nasdaq Composite hitting new highs and the S&P 500 approaching its peak. This momentum is supported by strong investor appetite and expectations for major IPOs such as SpaceX and Anthropic.  providing a constructive backdrop for Indonesia equities. The combination of liquidity and growth narratives in the U.S. continues to provide a constructive backdrop for risk assets globally, including Indonesia.
However, despite the supportive external environment, a meaningful return of foreign inflows into Indonesia remains unlikely in the near term . As a result, market performance is expected to stay selective rather than broad-based , with investors increasingly focusing on liquid names and strong thematic plays . Domestic flows are likely to play a bigger role, particularly in driving interest toward conglomerates and sectors benefiting from global trends such as AI and digitalization.

In the absence of strong foreign participation, upside for banking stocks may remain limited , given their historical reliance on foreign flows for re-rating. This dynamic shifts market attention toward alternative segments, particularly conglomerate-linked names such as BREN, BRPT, RAJA, CBDK, ADRO, and PANI, which could outperform as clarity on MSCI-related developments improves and policy direction becomes more visible. 

At the same time, commodity-linked and USD earners continue to stand out in the current environment. Names such as AMMN, ANTM, INCO, AADI, BULL, and INKP are well positioned to benefit from resilient global demand , while also serving as a natural hedge against rupiah depreciation . With currency pressure still present and investor confidence gradually recovering, these names offer a combination of earnings resilience and external exposure.

Overall, the current market setup continues to favor a selective strategy , with emphasis on liquidity, narrative strength, and global exposure. Rather than a broad-based rally, performance is likely to be driven by specific sectors and themes, making stock selection increasingly critical in navigating near-term market conditions.