KIWOOM Morning Equity – 23 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. FED REMAINS HAWKISH, OIL EASES, INDONESIA PUSHES IEU-CEPA US MARKET: Wall Street closed mixed on Tuesday (Sep 22, 2026), as a strong rally in the previous session paused amid weakness in financial stocks, offset by gains in technology and AI shares. S&P 500 finished relatively flat at 7,764.70, Nasdaq Composite rose 0.45% to 27,122.09 and registered a new closing record, while Dow Jones Industrial Average dropped 0.36% to 52,048.83. Strength in the AI sector remained a market propeller, with Meta's Muse AI agent acting as one of the latest catalysts. INDONESIA: President Prabowo Subianto requested that the conclusion process of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA) be finalized promptly. Currently, the IEU-CEPA document is being translated and completed in English before being processed in the European Parliament and subsequently brought to Indonesia for ratification. The government targets ratification to take place in the second half of 2026 so that the IEU-CEPA can begin implementation by early 2027. This agreement is expected to broaden export market access, boost trade and investment, and strengthen Indonesia's economic relations with the European Union. Additionally, visits by European Union Commissioner for Trade and Economic Security Maroš Šef？ovi？ to Indonesia and EU leaders are planned for late October or early November 2026. - Furthermore, BPI Danantara maintains plans to establish a new state-owned textile enterprise (BUMN) which can be developed by partnering with existing textile companies. Development will take into account machinery and technology conditions, production bases and infrastructure, as well as job creation potential. Danantara also emphasized that investments must still deliver sound returns, given that job creation is not the sole consideration in determining investments. JCI closed down 1.69% at the 6,277.04 level on Tuesday (Sep 22). Foreign investors recorded a net sell of IDR 671.63 billion in the regular market, bringing the cumulative year-to-date net sell to IDR 102.50 trillion. Foreign fund flows primarily went into TAPG, AADI, DEWA, MDKA, and CUAN, while the largest foreign selling pressure was recorded in BBRI, TINS, BBCA, BMRI, and TPIA. In the foreign exchange market, the Rupiah strengthened slightly to around IDR 17,850 per US Dollar, halting an eight-session consecutive losing streak. The appreciation occurred after Bank Indonesia reaffirmed its commitment to intervene in order to keep rupiah trading orderly. Technically, JCI experienced another correction and closed below the 61.80% Fibonacci Retracement at 6,290.10. This condition indicates that bearish pressure is growing stronger in the short term, while signaling that JCI has been unable to maintain crucial Fibonacci support areas. The RSI (14) fell to 36.20, remaining below the 50 level and nearing oversold territory, reflecting dominant bearish momentum although the room for further downside is starting to look limited. If JCI fails to reclaim 6,290, corrective pressures could continue toward the 6,219 – 6,186 gap area and proceed to the 6.106 level as the next support. Conversely, in the event of a technical rebound, JCI needs to first recapture 6,290 – 6.377, then break through the 6.424 – 6.452 area which coincides with the EMA50, EMA10, and EMA20. The next resistance lies around 6,473 – 6.552. KIWOOM RESEARCH suggests investors adopt a wait-and-see stance while monitoring JCI's ability to form support in the 6,219 – 6,186 area and confirm a rebound above 6,290 – 6.377. Investors who have secured gains can implement trailing stops or gradual profit-taking, while selective accumulation buys should only be executed after a rebound confirmation and once JCI breaks back above nearest resistance.