KIWOOM Morning Equity – 25 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 HAWKISH, OIL SURGE AND RISING YIELDS PRESSURE GLOBAL MARKETS; INDONESIA STRENGTHENS POLICY COORDINATION US MARKET: Wall Street traded volatile on Thursday (24/09/26). Stocks were pressured at one point by a combination of rising oil prices, a surge in US Treasury yields, and more hawkish Fed policy signals. However, the weakness eased after reports emerged that the US and Iran were discussing a phased deal to end the conflict. S&P 500 closed relatively unchanged at 7,704.13, Nasdaq Composite was also essentially flat at 26,939.37, while Dow Jones Industrial Average fell 0.31% to 51,349.98. INDONESIA: Bank Indonesia (BI) and the Ministry of Finance are strengthening fiscal and monetary policy synergy through five pillars to maintain economic growth momentum and financial system stability amid global uncertainty. The five pillars include optimizing fiscal and monetary policy to support growth, strengthening external sector resilience and foreign capital flows, strengthening money market and banking liquidity, controlling inflation through TPIP and TPID, and developing financial markets to smooth policy transmission and broaden financing sources. Coordination also covers government financing strategy and the issuance of government securities (SBN), including in the preparation of the 2027 financing strategy. - In addition, the government is preparing a national education grand design to optimize the education budget of Rp824 trillion in 2027. The evaluation will cover all levels of education, from elementary school to higher education, and will integrate various programs such as Sekolah Rakyat, Sekolah Unggulan Garuda, reintegration schools, and LPDP scholarships. The government will also evaluate budget effectiveness based on indicators such as the gross enrollment ratio (APK), net enrollment ratio (APM), and PISA scores. JCI closed down 1.20% at 6,298.61 in Thursday's (24/09) trading. Foreign investors booked a net sell of Rp1.42 trillion in the regular market, bringing the accumulated YTD net sell to Rp104.39 trillion. Foreign fund flows mainly went into ASII, MEDC, COIN, ASLI, and TINS, while the largest selling pressure occurred in BMRI, BBRI, TLKM, BUMI, and ANTM. The Rupiah weakened to around Rp17,900 per US Dollar, pressured by a stronger US Dollar, rising US Treasury yields, and expectations of Fed tightening. Domestically, pressure also came from weakening consumer confidence, slowing household spending, and growing fiscal concerns due to rising oil prices and the potential widening of the budget deficit. Technically, JCI closed lower and remains below the EMA10, EMA20, and EMA50, so short-term bearish pressure remains dominant. JCI is currently around the 61.80% Fibonacci retracement at 6,290.10, while the nearest resistance is in the 6,377 – 6,423 area. RSI (14) is at 40.09, still below the 50 level, indicating bullish momentum has not yet formed. If the 6,290 level is breached again, corrective pressure could continue toward 6,253 – 6,219 / 6,186. Conversely, a rebound needs to return JCI above 6,377 – 6,423, then 6,451 as the next resistance. KIWOOM RESEARCH recommends wait & see for now or applying a trailing stop.