KIWOOM Morning Equity – 24 July 2026 This document is for information purposes only and is intended solely for the recipient. It may not be reproduced, copied, or distributed to any other party. AI AND GEOPOLITICAL RISKS WEIGH ON WALL STREET, INDONESIA RECORDS SUCCESSFUL PANDA BOND ISSUANCE US MARKET: Wall Street closed sharply lower on Thursday (23/07/26), pressured by a sell-off in mega-cap technology stocks after Alphabet’s and Tesla’s earnings reports failed to ease investor concerns over the scale of capital expenditure required for artificial intelligence development. S&P 500 fell 1.2% to 7,408.30, Nasdaq Composite plunged 2.2% to 25,137.69, while Dow Jones Industrial Average declined 1.0% to 51,711.65. The losses were led by the Communication Services and Consumer Discretionary sectors, primarily due to sharp corrections in Alphabet (-7%) and Tesla (-14.5%). INDONESIA: Broad money supply growth (M2) slowed to 8.7% YoY in June 2026 from 10.8% YoY in May, reflecting tighter liquidity caused by capital outflows, a contraction in Net Foreign Assets (NFA), and the temporary withdrawal of Accumulated Budget Surplus funds, or Saldo Anggaran Lebih (SAL), to Bank Indonesia. Nevertheless, liquidity is expected to improve in the short to medium term as foreign capital inflows return and SAL funds are redeposited in state-owned Himbara banks, potentially supporting stronger M2 growth over the coming months. However, the longer-term outlook remains exposed to renewed tightening risks should the Fed adopt a more hawkish stance, geopolitical tensions push oil prices higher, or the government withdraw SAL funds again to strengthen its fiscal capacity. - In addition, Indonesia’s inaugural Panda Bond issuance in CHINA’s financial market received a highly positive response, recording a bid-to-cover ratio of 2.4 times. Investor demand reached approximately CNY17 billion, or around US$2.51 billion, compared with the issuance size of CNY7 billion, or approximately US$1.03 billion. The strong demand reflects investor confidence in Indonesia’s fundamentals while broadening the government’s access to global funding sources. The successful issuance also provides positive sentiment for the domestic bond market and the Rupiah, while potentially strengthening investor confidence in Indonesian financial assets. JCI closed 0.30% lower at 6,315.31. During Thursday’s trading session (23/07), the index moved within a range of 6,306.65 – 6,454.31. Foreign investors recorded a net sell of Rp712.21 billion in the Regular Market and a net sell of Rp1.22 trillion across all markets. Foreign inflows were mainly recorded in CUAN, PTRO, AMMN, BRPT, and BUMI, while foreign selling pressure was seen in BBCA, TPIA, ASII, BBRI, and DSSA. Meanwhile, the Rupiah strengthened to around Rp17,890/US$, supported by a weaker US Dollar amid growing expectations that the Fed will keep interest rates unchanged at next week’s meeting. Technically, JCI formed a reversal candle after once again failing to break above the 6,377 resistance level, marking its second unsuccessful breakout attempt around this area. Nevertheless, the index remains above the EMA10, EMA20, and EMA50, indicating that the medium-term uptrend remains intact. The RSI (14) declined to 62.69, suggesting that momentum has begun to weaken. Should selling pressure continue, JCI may test support levels at the EMA50 of 6,262, the EMA10 of 6,181, and the EMA20 of 6,103. Conversely, should the index regain strength, resistance levels are located at 6,377 – 6,394, followed by 6,454. KIWOOM RESEARCH recommends that investors adopt a wait-and-see strategy and consider gradual profit-taking should selling pressure persist.