KIWOOM Morning Equity – 06 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. REGULATORY CONCERNS WEIGH ON US TECH STOCKS, INDONESIA'S ECONOMY GROWS 5.47% US MARKET: Wall Street closed sharply lower in Thursday's trading (11/05/26). S&P 500 index plunged 4.4%, Nasdaq Composite plummeted 5.52% to its lowest level in seven months, while Dow Jones Industrial Average fell 1,833 points. S&P 500 recorded its deepest decline since the selloff caused by tariff policy in April 2025. The weakness was led by semiconductor stocks, with Micron plunging 17.5%, AMD falling 17.3%, and Broadcom weakening 10.4%. Nvidia shares also came under selling pressure, although the size of the decline is not available. INDONESIA: Indonesia's economy grew 5.47% YoY in the third quarter of 2026, up from 5.29% in the previous quarter, with household consumption and investment as the main supports, contributing 82.78% of GDP. Household consumption grew 5.04%, supported by increased restaurant, hotel, and transportation activity, while investment (PMTB) rose 6.06%, mainly supported by vehicle investment growth of 12.96%. Government consumption recorded the highest growth at 8.95% as spending on civil servants (ASN) increased and the Free Nutritious Meals (MBG) program was realized. Nevertheless, the growth sources of household consumption and investment slowed slightly compared to the previous quarter. - Bank Indonesia (BI) estimates that Indonesia's economic growth throughout 2026 will be in the range of 4.9%-5.7%. To maintain this momentum, BI will strengthen the synergy of monetary, macroprudential, and payment system policies with the government. Government stimulus support, improving business expectations, and strengthening domestic consumption and investment are expected to sustain economic growth in a sustainable manner. JCI closed 2.25% higher at 5,030.26 on Thursday (11/05/26), although foreign investors still recorded net sell of Rp25.48 billion in the regular market and Rp65.53 billion across all markets. On a YTD basis, accumulated foreign net sell reached Rp127.26 trillion. The largest foreign net buying was recorded in BBCA, TLKM, ASII, AMMN, MDKA, BUVA, SINI, DEWA, BRMS, and BBNI, while the largest selling occurred in BBRI, BMRI, TPIA, ADRO, ARCI, BREN, PTBA, BRPT, AADI, and NCKL. Meanwhile, the Rupiah strengthened to around Rp18,080 per US Dollar for a second consecutive session, supported by the weakening of the US Dollar index and Indonesia's third-quarter economic growth that increased to 5.47% YoY, exceeding expectations thanks to solid domestic consumption and manufacturing activity. Technically, JCI strengthened again and is within the short-term trend line. JCI still has the chance to continue to the nearest resistance at 5,072 / 5,129 (EMA10) and 5,143. In addition, anticipating a correction, JCI could test the nearest support at 4,980 / 4,907 / 4,824 again. Investors are advised to remain cautious and wait for clear signal confirmation.