Monthly Market Summary November 2025

As of October 2025, the state budget (APBN) recorded a deficit of IDR 482 trillion, equivalent to -2.02% of GDP, driven by rising government spending while revenues declined. Inflation remains under control at 2.72% year-on-year, within Bank Indonesia’s target range. The trade balance posted a narrower surplus of USD 2.4 billion, though cumulatively still strong at USD 35.9 billion, supporting a turnaround in the current account to a surplus of 1.1% of GDP.

In the bond market, the long rally since early this year came to a halt, with 10-year yields climbing to 6.30%, although the outlook remains positive amid the ongoing rate-cut cycle. Meanwhile, the equity market saw net foreign inflows of USD 730 million, boosting the IDX and conglomerate stocks. We see opportunities in transportation, consumer staples, banking, and mining sectors, supported by potential industry consolidation and M&A activities that could serve as growth catalysts.

Watch the full summary in the video above.