XA Market Update Report | Fundamentals Say Go, Conditions Say No — Middle East Under Fire: US-Israel v Iran, Afghanistan v. Pakistan
By Ezaridho Ibnutama (Head of Research) and Graceline Melinda (Associate)
31-Mar-2026
Here Are The Key Takeaways:
🔹 Gas Prices Skyrocket In Asia As US-Iran War Continues.
🔹 Indonesia’s Calm Fuel-Up Before The Storm.
🔹 Fuel Subsidies Eating Up State Budget.
🔹 Earnings Seasons Indicate Resilience.
🔹 Government Policy Response: Fuel Rationing Measures.
Our Take. We are of the view the fundamental foundation for Indonesia is relatively sound even though there is external noise causing market jitters. Once geopolitical tensions have subsided, we project JCI to begin rebounding back in the 2H26 to the range of 9,500-9,700. We have downgraded our JCI base case from 10,000.
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NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id
