KIWOOM Morning Equity – 18 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. GLOBAL MARKETS REBOUND AS OIL PRESSURES EASE; INDONESIA STRENGTHENS FISCAL EXPANSION US MARKET: Wall Street closed higher on Thursday's trading (09/17/26), posting its best daily performance in more than a month, supported by falling oil prices and a tech stock rally amid US Treasury strength. S&P 500 rose 1.14% to 7,637.76, Nasdaq Composite strengthened 1.69% to 26,418.30, while Dow Jones Industrial Average rose 0.61% to 51,778.04. The gains were mainly seen in the tech sector as investors began increasing their exposure to tech stocks again following the volatility caused by the Fed's decision. INDONESIA: The DPR RI is opening room to evaluate the 3% of GDP state budget deficit limit in the State Finance Bill. Commission XI Chairman Mukhamad Misbakhun considers the limit need not be absolute if the economy requires fiscal expansion to drive growth and accelerate Indonesia's exit from the middle income trap. He also considers fiscal discussions should not only focus on the deficit, but also on low state revenue relative to spending needs. - In addition, the government has begun discussing the Oil and Gas Bill with the DPR after President Prabowo Subianto issued Presidential Letter No. R-45/Pres/09/2026, assigning five ministries to represent the government. The regulatory revision is aimed at improving upstream-downstream governance, increasing legal certainty, and boosting national oil lifting, including through a plan to establish a Special Oil and Gas Business Entity (BUK Migas). JCI closed up 0.40% at the 6,462.43 level on Thursday's trading (09/17). Foreign investors recorded a net buy of Rp152.69 billion in the regular market, although YTD they still booked a net sell of Rp99.55 trillion, with the largest fund inflows into BMRI, SINI, ERAA, DSSA, and CUAN, while the largest selling pressure was recorded in AMMN, TLKM, PACK, INCO, and BBCA. Meanwhile, the Rupiah weakened toward Rp17,750/USD, extending its weakness for a sixth consecutive session, amid the US Dollar strengthening to a seven-week high following the Fed's rate hike and signals of further tightening, while the domestic market awaits next week's Bank Indonesia Board of Governors Meeting (RDG BI). Technically, JCI's rebound remained below the EMA10 (6,523) and EMA20 (6,511), but still held above the EMA50 (6,431) and slightly above the 38.20% FR at 6,452. This position indicates short-term momentum tends to be bearish, though the medium-term trend remains relatively intact as long as JCI can hold above the EMA50. The RSI (14) stood at 48.29, back below the 50 level, indicating bullish momentum is starting to weaken. Should JCI fail to hold above support at 6,431 – 6,377, correction pressure could potentially continue toward 6,290 (FR 61.80%). Conversely, should a rebound occur, JCI needs to break back through 6,511 – 6,523, followed by 6,552 – 6,591 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 6,431 – 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.