KIWOOM Morning Equity – 03 August 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. TECH RALLY LIFTS GLOBAL MARKETS, INDONESIA ACCELERATES THE ESTABLISHMENT OF THE INTERNATIONAL FINANCIAL CENTER (PFII) US MARKET: Wall Street closed higher on Friday's trading (07/31/26), driven by a rally in tech, consumer services, oil & gas, and telecommunications stocks. Dow Jones Industrial Average rose 0.53% to 52,485.03, S&P 500 strengthened 0.70%, and Nasdaq Composite surged 1.00%. The gains were led by Amazon, which soared 15.31% after a solid earnings report, followed by Microsoft (+3.10%) and Nvidia (+2.95%). Meanwhile, Apple was the main drag, falling 7.35% after disappointing results. INDONESIA: Danantara is reportedly delaying its plan to issue 20- and 30-year US dollar bonds due to less conducive global bond market conditions. The surge in US Treasury yields has pushed investors to demand yields in the high-6% range, higher than Danantara's target in the low-6% range, prompting the company to wait for better momentum. The delay is also influenced by rupiah weakness sentiment, a widening current account deficit, and investor caution over Danantara's still relatively new track record. - In addition, the government and the DPR (House of Representatives) are accelerating the establishment of the Indonesia International Financial Center (PFII) to capitalize on global capital shifts amid rising geopolitical uncertainty. The PFII is expected to attract a portion of the roughly US$3.2 trillion in global family office funds through competitive regulation, legal certainty, and internationally standardized governance. Meanwhile, Bank Danamon projects Indonesia's economic growth in Q2 2026 will remain around 5.18% YoY, supported by government spending, still-solid household consumption, and investment realization of Rp511.8 trillion (+7.1% YoY) with FDI growth reaching 27.5% YoY, although slowing exports are expected to limit the pace of economic growth. JCI closed up 0.80% at the 6,236.13 level on Friday's trading (07/31), also recording a 10.51% gain throughout July. Throughout the session, JCI moved in a range of 6,201.89 – 6,236.62. Despite the index's gain, foreign investors still booked a net sell of Rp34.82 billion in the Regular Market and Rp250.53 billion across all markets, indicating the market's strength was mostly supported by domestic investor buying. Foreign buying was concentrated in BBCA, TINS, TLKM, BULL, and INCO, while the largest selling pressure occurred in TPIA, EMAS, AMMN, ANTM, and BBRI. In the foreign exchange market, the Rupiah moved stably around Rp18,050 per US dollar, as market participants await the release of several domestic economic data points this week, including July inflation, June trade balance, and Q2 2026 economic growth. Technically, JCI continued its bullish candle and managed to close back above the EMA10 (6,177), EMA20 (6,135), and EMA50 (6,244), which is now very close to being tested, indicating short-term strengthening momentum is starting to improve after successfully holding the 38.20% Fibonacci Retracement support area. The movement pattern also continues to form a higher low above the ascending trendline, keeping the chance of a continued rebound open. The RSI (14) rose to 56.12, indicating bullish momentum is strengthening again and still has room to continue rising. As long as JCI can hold above 6,200 – 6,180, it has room to continue strengthening toward 6,244 as the nearest resistance, and if it breaks out, the strengthening could potentially continue toward 6,315 (closing the gap area) up to 6,377. Conversely, if it falls back below 6,180, JCI risks testing support at 6,177 down to 6,135. KIWOOM RESEARCH advises traders to consider a buy on breakout if JCI manages to break through 6,244 with rising volume. Meanwhile, investors who already hold positions can hold or average up on stocks that remain above the support area, applying a trailing stop around the 6,180 level.