KIWOOM Morning Equity – 23 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. GLOBAL MARKETS IN WAIT-AND-SEE MODE AHEAD OF BIG TECH EARNINGS, BI EXPANDS FOREIGN INVESTMENT INCENTIVES US MARKET: Wall Street closed lower in Wednesday's trading (22/07/26) as investors tended to hold back ahead of the release of financial reports from major tech companies like Alphabet and Texas Instruments, which are expected to provide new clues regarding the prospects of the artificial intelligence (AI) theme. S&P 500 index fell 0.1% to 7,498.96, Nasdaq Composite weakened 0.6% to 25,690.90, while Dow Jones Industrial Average closed relatively flat at 52,218.58. The weakness was mainly triggered by a wait-and-see stance toward the earnings season, even though most companies that have released performance so far managed to exceed market expectations. INDONESIA: Bank Indonesia (BI) maintained the BI-Rate at 5.75%, the Deposit Facility at 4.75%, and the Lending Facility at 6.50% at the RDG on July 21–22, 2026. BI chose to strengthen foreign portfolio investment incentives rather than raising interest rates as it is deemed more effective in maintaining rupiah stability without increasing domestic funding costs amid global uncertainty. - In addition, BI expanded various incentives to attract foreign capital inflows, including raising the Sell Hedge Swap incentive from 10% to 12.5%, expanding the Sell Hedge DNDF incentive to 15%, and providing additional incentives for Local Currency Transaction (LCT) transactions. This policy is expected to strengthen rupiah exchange rate stability while deepening the domestic money and foreign exchange markets. - On the other hand, PEFINDO issued 143 rating publications for 59 financial services entities during the first half of 2026, dominated by the banking sector. All entities maintained a stable outlook with no rating changes, with the majority sitting in the investment grade category, reflecting the still solid fundamental condition of Indonesia's financial services sector. JCI closed lower by 0.09% to the level of 6,334.48. Throughout Wednesday's trading (22/07), JCI moved in the range of 6,284.88 – 6,394.69. Foreign investors posted a net sell in the Regular Market of Rp1.11 trillion, while across all markets foreign investors recorded a net sell of Rp920.34 billion. Foreign fund inflows primarily entered through TINS, ANTM, BNBR, VKTR, and BUMI, while foreign selling pressure was recorded in DSSA, BBRI, ASII, AMMN, and TPIA. On another side, the Rupiah moved stably in the range of Rp17,900/US$ after Bank Indonesia maintained the BI-Rate at 5.75%, reflecting confidence that current monetary policy remains adequate to maintain exchange rate stability. Technically, JCI is still moving in a bullish trend after breaking out above the 6,377 resistance and has not been able to hold above that level. Nevertheless, the index position remains above the EMA10, EMA20, and EMA50, so the medium-term uptrend remains intact. The RSI (14) is at 62.69, reflecting still strong bullish momentum, although room for an increase is starting to become more limited as it approaches the overbought area. As long as JCI is able to hold above the support area of 6,284 – 6,260 (EMA50), the opportunity to continue strengthening remains open to test resistance at 6,377 again. If it is able to breakout and hold above that level, the strengthening has the potential to continue toward 6,398 – 6,459. Conversely, if it fails to break resistance again, JCI has the potential to experience a healthy pullback with the nearest support at 6,284 – 6,260 (EMA50), followed by 6,231. KIWOOM RESEARCH suggests investors take gradual profit taking as long as JCI has not been able to breakout above 6,377, with a trailing stop in the EMA50 area (6,260).