KIWOOM Morning Equity – 28 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 RISK SENTIMENT IMPROVES, INDONESIA MONITORS FISCAL AND MONETARY DEVELOPMENT US MARKET: Wall Street closed higher on Friday (25/09/26), with Dow Jones Industrial Average rising 0.93%, S&P 500 strengthening 0.51% to 7,743.41, and Nasdaq Composite rising 0.48%. The gains were led by the Industrials, Technology, and Healthcare sectors. Microsoft was one of the main Dow drivers with a gain of 3.66%, while ON Semiconductor, Microchip Technology, and Generac Holdings were the biggest gainers in S&P 500, rising 5.54%, 5.36%, and 5.09%, respectively. INDONESIA: The government updated the rules on managing central government cash surpluses and shortfalls through PMK Number 67 of 2026, effective 08 September 2026 and replacing PMK Number 44 of 2024. The new rule clarifies that cash surpluses can be managed to generate state revenue and/or other benefits, taking into account the government's liquidity needs. Funds can be placed in commercial banks as well as SBN instruments, including outright purchases in the secondary market, SBN Reverse Repo, Sharia Reverse Repo of SBSN, and Wakalah Bi Al-Istitsmar SBSN. - In addition, BI recorded that Islamic financial assets increased in Q2 2026, in line with the growth of Islamic financing and Indonesia's halal value chain sector, which grew 5.50% YoY. Islamic economic literacy also rose from 16.30% in 2019 to 50.18% in 2025. BI emphasized strengthening the Islamic economic ecosystem through developing the halal value chain, expanding Islamic financing, and increasing Islamic economic and financial literacy and inclusion. JCI closed down 0.90% at 6,241.89 in Friday's (25/09) trading, with foreign investors recording a net sell of Rp440.38 billion in the regular market, bringing the accumulated YTD net sell to around Rp104 trillion. Foreign fund flows mainly went into BBCA, AMRT, TPIA, MDIA, and AMMN, while the largest selling pressure was recorded in TLKM, DEWA, BMRI, BBRI, and ASII. In the forex market, the Rupiah weakened toward IDR17,950 per US Dollar as the dollar strengthened and expectations of Fed tightening rose. Technically, JCI closed lower and remains below the EMA10, EMA20, and EMA50, so short-term bearish pressure remains dominant. JCI has also fallen below the 61.80% Fibonacci retracement at 6,290.10, while RSI (14) is at 37.18 and still below the 50 level, indicating bearish momentum is still fairly strong although it has not yet entered oversold territory. In the short term, JCI is vulnerable to testing the support area of 6,186 – 6,113, with the next support around 6,029. Conversely, a rebound needs to return JCI above 6,290 first, then pass the 6,328 – 6,368 area, which is close to the EMA10, EMA20, and EMA50.