BRIDS Market Pulse : Chart of the week

BRIDS Market Pulse : Chart of the week – VIX Index

Stock Code	Last Price	Change	Change %
MKPI	25,275	1,025	4.23%
DSSA	43,800	1,000	2.34%
MLPT	36,200	875	2.48%
TCPI	5,500	375	7.32%
AMMN	6,425	350	5.76%
ICBP	10,600	350	3.41%
JSMR	4,290	240	5.93%
MDKA	1,645	230	16.25%

Equity Research

08 Apr 2025

BRIDS Market Pulse

In the spotlight

Markets: Global equity markets dipped post the announcement of Trump’s tariff on 2^nd Apr25, with S&P500 index recording the worst performance of -9.1%. Regional EM market fared better, down by up to 4% amid more moderate outflows (data as of 4^th Apr). Foreign investors’ fund flow from JCI reached US$1.83bn, with WTD outflow of US$196mn as of 27^th Mar25 (pre holidays).
Global volatility remains elevated with VIX index reaching 60 on 7^th Apr25, above the level during the 2018 trade war though below Covid period peak. The increase in volatility was notable post news of China’s tariff retaliation, which raised the probability of slowing global growth.
Risks for JCI: JCI has corrected by 8% YTD and 24% since Oct24. We expect JCI to play catch up with regional peers after closing +2% prior to the long holidays. In comparison, the index corrected -15.9% during the 2018 trade war (from peak to trough), underperforming peers, with US$3.7bn of outflows during 2018. While the direct impact from tariff to growth may be limited (export accounted for ~25% of GDP), we see the risk may likely stem through the IDR volatility (the currency depreciated 14% in 2018). Meanwhile, we also see that the market will trade in the range of 5.9-6.7k as we expect earnings to bottom first in 2Q-3Q25 (please refer to our latest strategy report).
Domestic fund positioning Mar25: In Mar25, Domestic fund mainly raised positioning in Banks (+190bps), Metals (+90bps) and Tech (+30bps), while reducing positions in Coal (-30bps) and Property (-10bps), based on KSEI data. The latest positioning indicated OW in Banks (+540bps), Telco and Consumers.