KIWOOM Morning Equity – 09 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. HORMUZ STRAIT TENSIONS RAISE GLOBAL ENERGY RISKS, WHILE DECLINING TAX REFUNDS AND RESILIENT INVESTMENT SHAPE DOMESTIC SENTIMENT US MARKET: Wall Street closed lower for a second consecutive session on Thursday (08/10/26). S&P 500 fell 0.47% to 7,765.36, Nasdaq Composite dropped 1.25% to 27,193.34, while Dow Jones Industrial Average rose slightly by 0.10% to 51,231.64. Technology stocks were the main source of pressure after media reports indicated OpenAI's annualized revenue was lower than previously indicated. The performance of the three indices showed weakness concentrated in technology stocks, while large-cap blue-chip stocks were relatively more resilient. INDONESIA: The Directorate General of Taxes (DJP) recorded tax refund realization reaching Rp198.71 trillion through September 2026, down 38.7% compared to the same period last year of Rp323.92 trillion. Refunds were dominated by VAT and Luxury Goods Sales Tax at Rp137.79 trillion and income tax (PPh) at Rp59.08 trillion. This decline is seen as potentially indicating a holding back of tax refunds that could affect businesses and the economy. In addition, there remains Rp70.25 trillion in unpaid refund obligations as of the end of 2025 that have not been disbursed, so a delay in payment into 2027 could add pressure to the 2027 state budget. - Meanwhile, Indonesia's investment realization reached Rp1,010.6 trillion in H1 2026, absorbing 1.448 million workers from domestic (PMDN) and foreign (PMA) investment projects. BKPM data shows that employment absorption from direct investment has grown by an average of 22.4% over the past five years. This trend reflects investment's contribution to job creation and domestic economic activity, with the sustainability of investment realization being an important factor in supporting economic growth. JCI closed down 1.88% at 6,031.28 on Thursday (08/10), accompanied by foreign investor selling in the regular market of Rp848.28 billion, bringing accumulated YTD net sell to Rp111.13 trillion. Foreign fund flows were recorded going into ULTJ, ASII, DSSA, MEDC, and EMAS, while the largest selling pressure occurred in BBRI, BMRI, AMMN, ANTM, and TLKM. On the macro side, the Rupiah traded around Rp17,900 per US Dollar, pressured by the Fed's hawkish stance and Middle East tensions, which raised the risk of higher oil prices and import costs. Domestic consumer confidence also weakened slightly due to high food prices and non-subsidized fuel prices. Technically, JCI's correction continued, with RSI (14) falling to the 35.5 level. JCI could potentially test support at 5,979, with the next support at 5,898 – 5,887 should that level be breached. Conversely, if it strengthens, JCI has the chance to test resistance at 6,095 – 6,120. KIWOOM RESEARCH recommends a buy-on-weakness strategy while continuing to wait for a confirmed buy signal to re-emerge.