KIWOOM Morning Equity – 21 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 SENTIMENT REMAINS MIXED, INDONESIA MAINTAINS LIQUIDITY SUPPORT US MARKET: Wall Street closed mixed on Friday's trading (09/18/26). S&P 500 rose 0.17% to 7,650.50, Nasdaq Composite strengthened 0.39% to 26,522.54, while Dow Jones Industrial Average fell 0.18% to 51,682.64. The gains in S&P 500 and Nasdaq were mainly supported by tech and semiconductor stocks, with Lam Research, Seagate Technology, and Applied Materials among the top performers. Conversely, IBM, Disney, and Nike were the main drags on Dow Jones, with Nike falling to its lowest level in five years. INDONESIA: The government confirmed the policy of placing up to Rp200 trillion in Budget Surplus (SAL) funds in banks will continue through the end of 2026 and be extended until July 2027, despite the change in Finance Minister. Currently, the SAL placement position stands at around Rp299 trillion, while the placement level the government will maintain is Rp200 trillion. This policy is expected to provide funding certainty for Himbara (state-owned banks), reduce reliance on high-cost deposits, and lower the cost of funds to support credit expansion. On the liquidity side, BNI has an LDR of 86.88% and Mandiri 94.37% as of August 2026, while BTN faces tighter liquidity with an LDR of 96.40% and BRI stands at 89.69% as of July 2026. The SAL extension could potentially support banking liquidity, though its effectiveness will depend on the channeling of funds to productive sectors. - In addition, digital economy tax revenue reached around Rp11.2 trillion through August 2026, consisting of PMSE VAT of Rp8.38 trillion, SIPP Tax of Rp1.67 trillion, fintech tax of Rp878.18 billion, and crypto asset tax of Rp268.95 billion. Cumulatively since 2022, digital economy tax revenue has reached Rp57.23 trillion, with PMSE VAT as the largest contributor at Rp44.05 trillion. Through August 2026, the Directorate General of Taxes (DJP) has appointed 277 PMSE (e-commerce) businesses as VAT collectors, indicating an increasingly broad digital tax base. This trend could potentially strengthen state revenue while creating more equal tax treatment between digital and conventional businesses. JCI closed down 0.33% at 6,441.16 on Friday (09/18), amid foreign investor selling pressure reaching Rp1.78 trillion in the regular market, bringing the YTD net sell accumulation to Rp101.33 trillion. Foreign fund inflows remained concentrated in ANTM, BRMS, MDKA, AADI, and INCO, while the largest selling occurred in BBCA, BMRI, AMMN, TLKM, and DSSA. On the macro side, the Rupiah weakened again above Rp17,750/USD, reflecting external pressure amid the US Dollar remaining at elevated levels after reaching a seven-week high. Technically, JCI corrected again and closed at the 6,441.16 level, below the EMA10 (6,508.57) and EMA20 (6,504.24), and moved back below the 38.20% Fibonacci retracement at 6,451.53. However, JCI still held slightly above the EMA50 (6,432.06), so the correction pressure has not fully changed the medium-term trend. This position indicates short-term momentum tends to be bearish, with the 6,432 – 6,377 area becoming an important support that needs to be maintained. The RSI (14) fell to 46.69, moving back below the 50 level, indicating bullish momentum is starting to weaken. Should JCI fail to hold above 6,432 – 6,377, correction pressure could potentially continue toward 6,290 (FR 61.80%). Conversely, should a rebound occur, JCI needs to break back through 6,452 – 6,504, followed by 6,509 – 6,552 as the nearest resistance, before testing the 6,590 – 6,732 area. KIWOOM RESEARCH advises investors to wait & see while monitoring JCI's ability to hold above 6,432 – 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.