KIWOOM Morning Equity – 24 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. YIELDS SURGE, RISK-OFF INTENSIFIES; BI HOLDS 5.75% RATE TO SUPPORT RUPIAH STABILITY US MARKET: Wall Street closed lower on Wednesday (23/9/26). S&P 500 fell 0.75% to 7,706.03, Nasdaq Composite weakened 1.13% to 26,936.04, while Dow Jones Industrial Average corrected 0.68% to 51,511.59. The technology sector was one of the main drags after rising Treasury yields prompted investors to reduce exposure to stocks with high sensitivity to interest rates. Travel stocks such as Expedia, Airbnb, and Booking Holdings were also among those under pressure. INDONESIA: Bank Indonesia (BI) assessed that the current benchmark interest rate level is still sufficient to maintain rupiah exchange rate stability amid global uncertainty and the higher-for-longer conditions in the US. BI maintained the BI-Rate at 5.75%, the Deposit Facility at 4.75%, and the Lending Facility at 6.50% at the 22–23 September 2026 Board of Governors Meeting (RDG). Besides the interest rate policy, BI is strengthening stabilization through hedging cost incentives to encourage foreign capital inflows to come in and stay in the domestic market. Larger incentives are given for longer hedging tenors, including through Domestic Non-Deliverable Forward (DNDF) as it can increase US dollar supply in the domestic market. - In addition, the government is preparing adjustments to the tax incentive scheme in line with the implementation of the Global Minimum Tax (GMT) with a minimum rate of 15%. After the application period for tax holiday facilities under PMK 130/2020 ended on 31 December 2025, the government is designing various alternative incentives to continue meeting international tax commitments while maintaining investment attractiveness. The schemes under consideration include import duty exemptions for certain products, tax exemptions on certain types of goods, and facilities for certain transactions. JCI closed up 1.56% at 6,374.91 in Wednesday's (23/09) trading, even though foreign investors still recorded a net sell of Rp468.26 billion in the regular market. On a YTD basis, accumulated foreign net sell reached Rp102.97 trillion. Stocks that were destinations of foreign fund flows included MDKA, TINS, SINI, DSSA, and TPIA, while the largest selling pressure was recorded in BBRI, BMRI, TLKM, ISAT, and ADRO. In the currency market, the Rupiah traded at around Rp17,820/USD, improving from the intraday low of Rp17,875/USD, after BI maintained the BI-Rate at 5.75% for the third consecutive month. Technically, JCI closed higher but remains below the EMA10, EMA20 and EMA50, so the latest gain has not changed the short-term bearish pressure. JCI is also still below the 38.20% Fibonacci retracement at 6,451.22, while its current position is below the previous support area of 6,347 and it is trying to retest the 6,377 level. RSI (14) is at 44.42, still below the 50 level, indicating that bullish momentum has not formed strongly. If that support at 6,347 is breached again, corrective pressure could continue toward the 6,290 – 6,180 area. Conversely, a rebound needs to return JCI above 6,422 – 6,451, then 6,463 as the next resistance. If it manages to pass that area, JCI has a chance to test 6,552 – 6,591, before heading toward the 6,723 area.