Morning Chatter

KBVS MORNING CHATTER
Wednesday, 11 February 2026

Headline News :
•    EMAS - Pani downstreaming transaction
•    ACES - Targets 1Q26F growth driven by dual festive momentum
•    WOMF – To maintain 6% yoy growth in 2026
•    UNTR – Clarifies rumors of Martabe mine takeover by Perimas
•    KAEF – Targets high single-digit growth in 2026

Market Commentary :
U.S. stocks were mixed to lower on Tuesday (Dow +0.1%, S&P -0.33%, Nasdaq -0.59%), as investors digested weaker-than-expected retail sales data, weighed concerns over artificial intelligence risks to the financial sector, and awaited a key labor market report. In rates and FX, the U.S. 10 year Treasury yield fell 5.6 bps (-1.33%) to 4.14%, while the USD Index was broadly flat at 96.85 (-0.01%).
Commodities were weaker: Coal -0.9% to USD114.6/ton as markets monitored production curtailment policies and global supply dynamics; CPO -1.5% to MYR4,097/ton amid potential demand weakness from China; Brent oil -0.2% to USD68.9/bbl eased, although strained U.S.–Iran relations continued to keep Middle East supply disruption risks elevated; Gold -0.7% to USD5,028/oz as investors remained cautious ahead of key U.S. jobs and inflation data later this week that could shape the Federal Reserve’s interest rate outlook.
Asian markets rose on Tuesday (Kospi +0.1%, Nikkei +2.3%, Hang Seng +0.6%, Shanghai +0.1%), extending a tech driven rally, with Japanese equities leading gains and hitting new record highs as investors embraced the “Takaichi trade” following Prime Minister Sanae Takaichi’s election win. The JCI gained +1.2% to 8,131, supported by gains in ASII, BMRI, and CASA, even as FTSE Russell postponed its review of Indonesian equities to March 2026 and foreign investors recorded net outflows of IDR917.5 bn, mainly from BUMI, BBCA, and DEWA.
Asian markets opened stronger on Wednesday (Kospi +0.18%, Nikkei closed). We expect the JCI to remain stronger today, as all index and credit rating announcements have been released and largely priced in, limiting further downside risk, while attention shifts to FY25 earnings releases, particularly from banks that have delivered results above expectations.

Regards,
KBVS Research Team
 

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