KIWOOM Morning Equity – 06 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. GLOBAL MARKETS RALLY, OIL PRICES EASE, INDONESIA PUSHES INDUSTRIAL GROWTH US MARKET: Wall Street closed higher on Monday (05/10/26), supported by a rally in large-cap technology stocks that offset concerns over high oil prices and bond yields. S&P 500 index rose 0.66%, Nasdaq 100 strengthened 1.05% and closed at a record 27,477, while Dow Jones Industrial Average added 91 points. The market's gains were also underpinned by solid earnings performance, consumer spending, and continued investment related to artificial intelligence (AI). Alphabet rose 0.9%, Meta strengthened 1.9%, and Microsoft added 1.5%. In the chip sector, Nvidia and Broadcom each rose 2.1%, while Tesla strengthened 2.2%. INDONESIA: The Indonesian House of Representatives (DPR RI) and the government agreed to advance the Labor Protection Bill to Level II discussions at the DPR RI Plenary Session on Tuesday (06/10/2026). The bill has gone through Working Committee (Panja) discussions from 14 September to 05 October 2026, as well as public consultation on 16–22 September. The Labor Protection Bill consists of 23 chapters and 313 articles covering equal opportunity and treatment, training and apprenticeship, employment relationships, wages and welfare, industrial relations, termination of employment, severance reserve funds, and criminal provisions. The new regulation is expected to provide legal certainty for workers and employers, strengthen labor protection, improve productivity, and create a fair and decent wage system. - In addition, Minister of Industry M Sarmuji urged the Ministry of Industry (Kemenperin) to take on a bigger role as an accelerator of national industrial growth, not just as a regulator. Strengthening the industrial sector is considered important to support the national economic growth target of 6%, given the sector's large contribution to economic activity and employment absorption. Sarmuji also emphasized the need for cross-ministerial coordination, particularly regarding import policy, as opening imports too broadly without considering domestic industry conditions could pressure local producers. Kemenperin is expected to be able to produce strategic policies that accelerate industrial expansion while also serving as a legacy of his leadership tenure. JCI closed up 1.36% at 6,118.86 in Monday's (05/10) trading. However, foreign investors still booked a net sell of Rp123.10 billion in the regular market, bringing accumulated foreign YTD net sell to Rp108.85 trillion. Foreign fund flows mainly went into BMRI, ULTJ, BBCA, BUVA, and BULL shares, while the largest foreign selling pressure was recorded in GOTO, BBRI, ASII, BUMI, and HRTA. In the foreign exchange market, the Rupiah weakened toward Rp17,950 per US Dollar on Monday after earlier strengthening to around Rp17,850, indicating pressure on the rupiah remains relatively high amid continued foreign outflows from the stock market. Technically, JCI rebounded again and is currently testing resistance at the trendline, with RSI (14) rising again to 37. If JCI has the opportunity to strengthen again, it could test 6,168 (EMA 10), then 6,227 – 6,241. Conversely, if it weakens again, JCI is vulnerable to retesting support at 6,053 / 6,019 and testing 5,979. KIWOOM RESEARCH suggests investors could accumulate if JCI manages to break upward, while remaining cautious should selling pressure return.