KIWOOM Morning Equity – 07 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. WALL STREET SLIPS AMID SURGING OIL PRICES, INDONESIA’S TAX RATIO SHOWS IMPROVEMENT US MARKET: Wall Street closed lower on Thursday's trading (08/06/26) amid rising oil prices due to escalating tensions in the Strait of Hormuz. S&P 500 fell 0.18% to 7,709.96, Nasdaq Composite weakened 0.06% to 26,348.35, while Dow Jones Industrial Average corrected 0.85% to 53,885.10. Investors also took profits following a strong rally in early August. INDONESIA: The government remains optimistic that economic growth momentum will be maintained in the second half of 2026 after Indonesia's economy grew 5.29% YoY in Q2 2026. To support public purchasing power, the government is preparing an economic stimulus package worth Rp26.34 trillion, covering social assistance, transportation incentives, tourism sector support, workforce training, and keeping fuel prices stable through year-end. This optimism is also supported by controlled inflation, a manufacturing PMI back in expansion territory, and still-solid credit growth. - In addition, Indonesia's tax ratio in the first half of 2026 rose to 9.32% from 8.42% in the same period last year, or 10.44% including non-tax state revenue (PNBP) from natural resources. Despite the improvement, some observers consider the 2026 State Budget's tax ratio target still challenging due to potential unpaid tax refunds and the seasonal pattern of tax revenue. Meanwhile, Finance Minister Purbaya Yudhi Sadewa remains optimistic the tax ratio can reach 11% by the end of 2026, supported by tax revenue growth still reaching around 24% YoY. JCI closed down 0.12% at the 6,343.71 level. Throughout Thursday's (08/06) trading, JCI moved in a range of 6,324.06 – 6,388.20. Foreign investors booked a net sell of Rp217.24 billion in the Regular Market, while across all markets they also recorded a net sell of Rp273.47 billion. Foreign fund inflows were mainly directed through DSSA, TPIA, PTRO, BBRI, and BBNI, while the largest foreign selling pressure was recorded in BBCA, EMAS, TLKM, ANTM, and BRMS. In the foreign exchange market, the Rupiah traded around Rp17,900 per US dollar on Thursday (08/06), weakening slightly amid a wait-and-see stance from market participants ahead of Bank Indonesia's foreign exchange reserves data release and concerns over a potential trade balance deficit due to high crude oil imports. Technically, JCI formed a bearish candle after failing to hold its strength at the 6,377 resistance area, although the correction is still considered normal as the index remained above the EMA20 (6,195) and EMA50 (6,254) and still stood above the short-term uptrend line. Meanwhile, the EMA10 (6,257) also remained above the EMA20 and EMA50, indicating the short-term bullish structure remains intact. The RSI (14) stood at 61.09, easing slightly but still above the 50 level, indicating buying momentum remains dominant despite the onset of profit-taking following the recent rally. As long as JCI can hold above the 6,320 – 6,330 area, the chance of continued strengthening toward 6,377 up to 6,420 remains open. Conversely, should selling pressure continue and break through the uptrend area and 6,320, JCI risks continuing a healthy correction to test the EMA50 area before resuming its uptrend. KIWOOM RESEARCH advises watching for profit-taking at the resistance area. Re-accumulation only if JCI can hold above 6,320.