The Central Bureau of Statistics (BPS) released sets of data about Indonesia’s consumer prices, which fell 0.09% in February (year-on-year). This might be a signal of stagnating or even weakening economic activity, which caused declining aggregate demand. Month-on-month, the CPI dropped 0.48%, the second consecutive decline. 

Composite index of Indonesia Stock Exchange (IDX) lost 11.43% year-to-date. Not the worst in the region because Thailand’s SET 50 already collapsed 15.4% in the same period. As for Rupiah, the currency lost 1.56% year-to-date, also not the worst because and Indian rupee lost 2.1% in the same period. 

Upon reading Law No. 1/2025 about state-owned enterprises and government regulation No. 10/2025 about Danantara, one might anticipate potential conflict between leaders of Danantara and ministry of state-owned enterprises in management of state companies in the long-run. 

Unlike Ultrajaya and Cimory, shares of Mayora Indah (MYOR) ended lower by 1.85% to Rp2,120 on Friday (Feb 28). Other than the broad market sentiment, Mayora Indah might be hurt by 6% decline in net profit to Rp3 trillion last year.

Like Ultrajaya, shares of dairy and consumer food player Cimory (CMRY) ended higher by 4.8% to Rp4,560 on Friday (Feb 28). Cimory reported healthy growth in revenues last year, supported by strong performance of consumer foods segment.

Shares of dairy producer Ultrajaya Milk Industry & Trading Company (ULTJ) ended higher by 1.8% to Rp1,420 on Friday (Feb 20) just when most stocks lost ground. A relative resilient performance in 2024 might support the defensive stock. 

Composite index of Indonesia stock Exchange (IDX) fell 2.2% this morning as selling pressures continued. Questions about fiscal policies and sovereign wealth Danantara combined with negative news from manufacturing sector might have intensified the pressures. 

President Prabowo Subianto has signed Regulation No. 12/2025 on February 10, 2025 about the national mid-term development plan for 2025-2029. A total of 77 strategic projects have formally been included in the program, including free meal, food estate, and three million house per annum. 

Shares of Avia Avian (AVIA), one of leading players in the paint industry, opened lower 2.3% to Rp346 this morning despite the company’s plan to launch new round of share buyback program. 

Shares of Astra International (ASII) ended slightly higher by 0.22% to Rp4,590 on Thursday (Feb 27) when most blue chips in lower grounds on broad market sentiment. At thee last quoted price, ASII, which reported more than US$2 billion net profit, was worth Rp188 trillion, way below Data Center Indonesia (DCII).