KIWOOM Morning Equity – 17 September 2026 This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. HAWKISH FED, GLOBAL PRESSURES PERSIST; INDONESIA STRENGTHENS CHINA INVESTMENT US MARKET: Wall Street closed lower on Wednesday's trading (09/16/26). S&P 500 fell 0.45% to 7,551.81, Nasdaq Composite corrected slightly by 0.01% to 25,978.42, while Dow Jones Industrial Average weakened 1.21% to 51,461.90. The index movement reversed into weakness after briefly strengthening early in trading, with Dow Jones posting the deepest decline among the major indices. INDONESIA: Fitch affirmed Indonesia Investment Authority's (INA) rating at BBB with a Negative Outlook, in line with the Indonesian sovereign rating, as well as AAA(idn) with a Stable Outlook on the national scale. Fitch considers government support for INA "Virtually Certain" with a Support Score of 45/60, reflecting the strong operational and financial linkage between INA and the government. The Negative Outlook follows the Indonesian sovereign outlook, while the national rating remains stable. - In addition, Indonesia and China strengthened investment cooperation through the Two Countries Twin Parks (TCTP) initiative, focusing on industrial estate development, supply chain integration, technology transfer, and value-added improvement. A new MoU recorded a commitment of around RMB19.4 billion, or Rp51 trillion, bringing the total TCTP commitment to around Rp88.1 trillion. The government will push for accelerated implementation and realization of investment, particularly in strategic industrial estate projects in Indonesia. JCI closed down 0.38% at the 6,436.85 level on Wednesday's trading (09/16/26). Foreign investors booked a net sell of Rp592.05 billion in the regular market, bringing the YTD net sell accumulation to Rp99.70 trillion. Foreign fund inflows were mainly directed into BRMS, ANTM, SINI, INCO, and MDKA, while the largest selling pressure was recorded in BMRI, BUMI, BBCA, ADRO, and ITMG. In the foreign exchange market, the Rupiah weakened past the Rp17,700 per US Dollar level, extending its decline for a fifth consecutive session, amid the US Dollar Index strengthening to its highest level in a month. Technically, JCI corrected again and closed at the 6,436.85 level, below the EMA10 (6,537) and EMA20 (6,516), and broke below the 38.20% Fibonacci retracement at 6,451. However, JCI still held slightly above the EMA50 (6,430), so the correction pressure has not fully changed the medium-term trend. This position indicates short-term momentum tends to be bearish, with the 6,430 – 6,377 area becoming an important support that needs to be maintained. The RSI (14) fell to 46.23, moving back below the 50 level and indicating bullish momentum is starting to weaken. Should JCI fail to hold above 6,430 – 6,377, correction pressure could potentially continue toward 6,290 (FR 61.80%). Conversely, should a rebound occur, JCI needs to break back through 6,451 – 6,516, followed by 6,537 – 6,552 as the nearest resistance, before testing the 6,723 area. KIWOOM RESEARCH advises investors to wait & see while monitoring JCI's ability to hold above 6,430 – 6,377 as a key support area. Investors who have already profited can apply a trailing stop or gradual profit-taking, while buy accumulation should be done selectively after rebound confirmation appears and JCI breaks back through the nearest resistance area.