KIWOOM Morning Equity – 29 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. THE FED TAKES CENTER STAGE AS APINDO HIGHLIGHTS THE INVESTMENT CLIMATE AND GAPKI REMAINS OPTIMISTIC ON B50 US MARKET: Wall Street closed mixed on Tuesday's trading (07/28/26). S&P 500 rose 0.21% to 7,428.78 and Dow Jones Industrial Average strengthened 1.03% to 52,747.32, driven by falling oil prices and solid corporate earnings reports. Meanwhile, Nasdaq Composite weakened 0.22% to 24,876.91 due to selling pressure on semiconductor stocks. The sell-off was triggered by concerns over high AI investment spending after Nvidia shares fell sharply following reports of OpenAI's data center project funding plan worth around US$250 billion, sparking a fund rotation out of the chip sector into defensive stocks such as consumer staples and healthcare. INDONESIA: The Indonesian Employers Association (APINDO) revealed that most business players are still applying a wait-and-see strategy in the second half of 2026 and postponing new expansion amid uncertainty in domestic and global demand. Although ongoing investment projects continue to move forward, APINDO considers improving the business climate through regulatory simplification, licensing reform, and greater legal certainty to be key factors in restoring investor confidence. In addition, APINDO also urged the acceleration of resolving various industrial obstacles, such as raw material supply, industrial gas prices, salt, and industrial sugar, in order to boost competitiveness, encourage investment, and preserve job creation. - Meanwhile, the Indonesian Palm Oil Producers Association (Gapki) estimates that crude palm oil (CPO) needs for the mandatory B50 program will rise to 16–17 million tons by 2027 as the policy is fully implemented. The increase in domestic consumption is expected to potentially reduce CPO export volume amid national production that still tends to be stagnant. However, for 2026, additional CPO needs are still estimated at around 14.5 million tons, so it has not yet placed significant pressure on national supply. Meanwhile, Indonesia's CPO exports through May 2026 still recorded growth of 9.3% YoY, indicating that global demand remains strong. JCI closed down 0.89% at the 6,130.59 level on Tuesday's trading (07/28), after moving in a range of 6,130.59 – 6,199.44. This decline came alongside foreign investor selling, which booked a net sell of Rp788.57 billion in the Regular Market and Rp1.07 trillion across all markets. Foreign fund inflows were mainly directed into TINS, BRPT, BBCA, GGRM, and RAJA, while the largest selling pressure was recorded in BMRI, BBRI, TPIA, ANTM, and BUMI. Meanwhile, the Rupiah weakened to near Rp18,100/US$, pressured by a stronger US dollar ahead of the Fed's interest rate decision. Domestically, investor sentiment was also clouded by uncertainty following the resignation of Bank Indonesia Governor Perry Warjiyo, prompting market participants to become more cautious. Technically, JCI continued its bearish candle and closed right at the 38.20% Fibonacci retracement area (6,130), while also below the EMA10 (6,175) and slightly above the EMA20 (6,120). This condition indicates short-term momentum has weakened again after failing to sustain its previous strength. The RSI (14) fell to 50.7, reflecting continued weakening bullish momentum nearing neutral territory, opening the possibility of further correction should selling pressure continue. If the 38.20% Fibonacci level at 6,130 fails to hold, JCI could potentially continue weakening toward the 6,050 – 6,040 area, then test 5,987 and the 61.80% FR around 5,930 as the next support. Conversely, if it manages to hold above 6,130 and rebounds, JCI needs to break back through the EMA10 at 6,175, then 6,199 – 6,220 as the nearest resistance. KIWOOM RESEARCH advises investors to wait & see while monitoring JCI's movement around the 6,130 support area. Investors who have already profited are advised to apply a trailing stop or gradual profit-taking should JCI break through that level.