KIWOOM Morning Equity – 22 July 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. WALL STREET RISES ON TECH STRENGTH, INDONESIA STRENGTHENS ITS FINANCIAL HUB US MARKET: Wall Street closed higher in Tuesday's trading (21/07/26), driven by a rebound in semiconductor stocks as well as positive performance from issuers that have released financial reports, such as 3M and General Motors. S&P 500 index rose 0.9% to 7,509.20, Nasdaq Composite strengthened 1.3% to 25,837.21, while Dow Jones Industrial Average added 0.7% to 52,224.64. The strengthening was led by the technology sector, particularly chip stocks, although software stocks remained under pressure due to a number of analyst downgrades. INDONESIA: The House of Representatives (DPR) together with the government continue to finalize the establishment of the Indonesia International Financial Center (PFII), which is targeted to become a global financial hub while attracting international family office fund inflows. Based on studies, around US$3.2 trillion in assets are managed by family offices globally, with approximately 65% estimated to be seeking new investment locations due to geopolitical changes and rising uncertainty in traditional financial centers. Through the provision of a competitive financial ecosystem, supportive regulations, and supporting infrastructure, PFII is expected to increase foreign capital inflows and strengthen Indonesia's position as a regional investment hub. - In addition, Moody's Ratings assigned a Baa2 rating to PT. Danantara Investment Management's (DIM) senior unsecured bonds under its US$5 billion Global Medium-Term Note (MTN) program. The rating reflects DIM's strong link to the government through BPI Danantara and expectations of government support if needed. While maintaining a negative outlook in line with Indonesia's sovereign rating, Moody's assesses that DIM possesses very strong liquidity, supported by solid funding and no debt maturities in the next two to three years, thereby strengthening Danantara's credibility in attracting global investor interest. JCI closed higher by 1.74% to the level of 6,340.02 in Tuesday's trading (21/07), moving in the range of 6,247.35 – 6,340.02. The strengthening was supported by continued foreign investor buying with a net buy of Rp360.21 billion in the Regular Market and Rp31.36 billion across all markets. Foreign fund inflows primarily flowed into DSSA, ANTM, PTRO, BUVA, and BMRI, while selling action was focused on ASII, BUMI, AMMN, BNBR, and TLKM. In the foreign exchange market, the Rupiah strengthened to around Rp17,900/US$ ahead of Bank Indonesia's Board of Governors Meeting (RDG) results, with the majority of economists expecting the BI Rate to rise 25bps to 6.00%, though some still project interest rates to hold at 5.75%. Technically,JCI continued its gains after breaking out above the EMA50, indicating that the medium-term uptrend is increasingly confirmed. The RSI (14) increased to the level of 63, reflecting still solid bullish momentum. As long as it holds above the EMA50, JCI has the opportunity to test resistance at 6.377. If successfully broken, the strengthening has the potential to continue toward 6,398 – 6,459. Conversely, if it fails to break 6,377, JCI has the potential to experience profit taking with support areas at 6,286 – 6,257 (EMA50), followed by 6,231 as the gap area. KIWOOM RESEARCH suggests investors can average up if JCI manages to breakout above 6,377, while investors who are already in profit are advised to apply a trailing stop in the EMA50 area (6,257) to secure gains.