KIWOOM Morning Equity – 03 November 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 TURN CAUTIOUS AHEAD OF US MIDTERM ELECTIONS, WHILE INDONESIA'S EXPORTS AND MANUFACTURING ACTIVITY STRENGTHEN US MARKET: Wall Street closed mixed in Monday's trading (11/2/26). S&P 500 index fell 0.5% to 7,541.40, Nasdaq Composite weakened 1.1% to 25,164.32, while Dow Jones Industrial Average rose 0.4% to 51,983.98. Nasdaq's weakness was led by technology stocks, with AMD plunging 7.5%, Micron Technology falling 5.8%, Microsoft weakening 2.8%, and Apple correcting 1.8% ahead of its earnings release. In contrast, Walmart shares rose 3.4%, Amazon strengthened 2.2%, and Tesla added 1%. Investors are also beginning to watch Apple's earnings report and market developments ahead of the US midterm elections. INDONESIA: Indonesia's economic performance showed strengthening in October 2026, reflected in the manufacturing Purchasing Managers' Index (PMI) rising to 54 from 52.4 in the previous month. This achievement is the highest expansion level since March 2024. In addition, Indonesia's trade balance in September 2026 recorded a surplus of US$3.36 billion, bringing the cumulative January–September 2026 surplus to US$10.61 billion. The value of national exports during the period also grew 5.58% YoY to US$221.23 billion. Meanwhile, October inflation was recorded at 3.23% YoY and 0.22% monthly, with year-to-date inflation of 2.4%, still within the government's target range of 2.5% ±1%. The government assesses that this condition reflects national economic fundamentals that remain intact. - In addition, Indonesia's non-oil and gas export performance in September 2026 reached US$26.64 billion, an increase of 12.39% YoY. The growth was mainly supported by the manufacturing industry sector, which recorded exports of US$23.27 billion, up 16.78% YoY, contributing 87.36% of total non-oil and gas exports. The increase in manufacturing industry exports was driven by palm oil, copper, nickel, agriculture-based organic basic chemicals, and aluminum commodities. In contrast, exports of the agriculture, forestry, and fisheries sector fell 18.14% YoY to US$510 million, while the mining and other sectors corrected 9.37% YoY to US$2.86 billion. JCI closed 0.79% higher at 5,096.83 in Monday's trading (11/02). Amid the gains, foreign investors still recorded net sell of Rp375.54 billion in the regular market and Rp112.48 billion across all markets, while cash and negotiated transactions posted net buy of Rp263.07 billion. On a year-to-date basis, accumulated foreign net sell has reached Rp126.74 trillion. Stocks that were the main targets of foreign buying included TPIA, BUMI, PTRO, BRMS, BBRI, EMAS, CUAN, DEWA, DSSA, and ASII. Meanwhile, BMRI, BBCA, AADI, PTBA, TINS, TLKM, ADRO, BBNI, ANTM, and UNTR recorded the largest net sell. On the other hand, the Rupiah strengthened to around Rp18,111 per US Dollar. Technically, JCI managed to rebound and closed positive. The RSI (14) indicator rose again to 29. With a scenario of being able to test 5,116, JCI has the potential to move in the resistance range of 5,182 / 5,249 / 5,268 (EMA10). Meanwhile, if the scenario is renewed volatile weakness, JCI is expected to be vulnerable to testing the nearest support at 4,980 / 4,907 again. If it breaks down, JCI could continue toward the nearest support at 4,800. Investors are advised to remain cautious, apply a buy on weakness strategy selectively or tend to wait for clear signal confirmation.