KIWOOM Morning Equity – 05 October 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. WEAK US NFP EASES FED PRESSURE, BI SUPPORTS RUPIAH AND GOVERNMENT STRENGTHENS TAX REVENUE US MARKET: Wall Street closed higher on Friday (02/10/26). S&P 500 rose 0.73%, Nasdaq Composite strengthened 1.19% and closed at a record 27,190, while Dow Jones Industrial Average added 250 points. Gains were led by technology and AI-related stocks, with Nvidia up 1.3%, Broadcom 3.3%, AMD 2.9%, Alphabet 1.6%, Amazon 1.3%, and Oracle 3.1%. Tesla jumped 4.6% after reporting better-than-expected Q3 sales. On a weekly basis, S&P 500 rose 0.2%, Nasdaq strengthened 1.3%, while Dow fell 319 points. INDONESIA: Bank Indonesia (BI) remains focused on prioritizing Rupiah stability amid a higher-for-longer global interest rate environment, without raising the BI-Rate. To maintain exchange rate stability while attracting foreign capital, BI is providing incentives in the form of reduced hedging costs, which since being implemented in September 2026 have been used to facilitate around US$7 billion in capital inflows. On the other hand, BI is optimizing macroprudential policy to encourage growth, particularly in the housing sector. As of September 2026, utilization of the Macroprudential Liquidity Incentive (KLM) for the housing, real estate, and construction sectors reached Rp118 trillion, or 1.32% of the 1.4% limit, and has been used by 111 banks. - In addition, the government is targeting a tax ratio of 9.26% in 2027, the highest level in a decade, through strengthening tax administration, broadening the tax base, leveraging data and technology, and optimizing Coretax. Tax buoyancy is also targeted to reach 1.41, meaning every 1% of economic growth is projected to increase tax revenue by 1.41%. The Directorate General of Taxes (DJP) will expand oversight of the digital economy, the informal sector, e-commerce transactions, group taxpayers, transfer pricing, and prominent individual taxpayers. JCI closed up 0.46% at 6,036.89. Based on Friday's (02/10) trading, foreign investors booked a net sell in the regular market of Rp1.31 trillion, with accumulated YTD net sell reaching Rp108.73 trillion. Foreign fund flows mainly came in through BBCA, EMAS, PTBA, ASII, and ULTJ, while the largest foreign selling pressure was recorded in GOTO, BBRI, SINI, BMRI, and DSSA. The Rupiah also strengthened to the 17,916 level. Technically, JCI managed a rebound and remains within a downtrend, with RSI (14) rising to 30. If JCI has the opportunity to strengthen again, it could test 6,095, then 6,111 – 6,121. Conversely, if it weakens again, JCI is vulnerable to retesting support at 5,979 / 5,973, and a break of that level could open room for a decline toward 5,898. KIWOOM RESEARCH advises investors to remain cautious while selling pressure continues.