KIWOOM Morning Equity – 26 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. GLOBAL MARKETS REBOUND AHEAD OF INFLATION DATA; GERAM PROTEST & DSI IN FOCUS DOMESTICALLY US MARKET: Wall Street closed higher on Tuesday's trading (08/25/26), driven by a rebound in tech stocks after coming under pressure in the previous session. S&P 500 rose 0.32% to 7,677.28, Nasdaq Composite strengthened 0.66% to 26,151.30, while Dow Jones Industrial Average rose 0.30% to 53,577.40. Nvidia was one of the main drivers after its shares rose more than 2%, halting a seven-session losing streak. Market movement remained relatively limited as investors awaited US inflation data and Nvidia's earnings report on Wednesday. INDONESIA: The People's Movement Coalition Suing (GERAM) alliance will hold a demonstration in front of the DPR/MPR RI Building in Senayan, Central Jakarta, on Thursday (08/27/2026) starting at 14:00 WIB, with an estimated 1,000 students and civil society members. The demonstration, titled #MerebutKembaliIndonesia ("Reclaiming Indonesia"), is a form of public oversight over the DPR RI's legislative, oversight, and budgetary functions. GERAM also asked the DPR Speaker and Deputy Speakers to attend and dialogue directly with the crowd. Should these demands not be met, GERAM stated it is ready to consolidate for a follow-up demonstration with a larger crowd. This action could potentially increase domestic market volatility should it escalate into social unrest or disrupt economic activity, though its impact is expected to be limited if it proceeds in an orderly manner. - In addition, PT. Danantara Sumberdaya Indonesia (DSI) has begun carrying out its mandate as the sole intermediary in governing the export of three strategic natural resource commodities, coal, CPO, and ferroalloy, with a total estimated export value of nearly US$70 billion. DSI will verify quantity, quality, classification, price, payment, and foreign exchange repatriation, and integrate data from seven ministries/agencies to detect potential under-invoicing and transfer pricing. DSI estimates a potential value optimization of around US$5 billion per year. This policy could potentially be positive for transparency and state revenue and could improve price discovery for Indonesian commodities, though investors are still monitoring the intermediary mechanism and the size of DSI's margin, which is still under calculation. The Exporter Portal is targeted to launch in September 2026, while an evaluation of the intermediary model will be conducted ahead of January 01, 2027. JCI closed down 0.37% at the 6,501.67 level on Monday's trading (08/24/26), after moving in a range of 6,474.57 – 6,551.00. Foreign investors recorded a net sell of Rp556.22 billion in the Regular Market, with foreign fund inflows mainly directed into TINS, BRMS, EMAS, AADI, and ADRO, while the largest selling pressure was recorded in BBRI, BUMI, TPIA, ISAT, and DSSA. The Rupiah weakened to around Rp17,740/US$ amid thin trading and external pressure. Sentiment was also weighed down by the widening current account deficit to US$12.5 billion in Q2 2026, amid high oil prices, strong imports, and weakening exports. Technically, JCI is still in a healthy correction and stood above the EMA10 (6,425.22), EMA20 (6,350.05), and EMA50 (6,311.59). This condition indicates the bullish trend remains intact, with short-term momentum tending to be positive. The RSI (14) stood at 61.71, still below the overbought area of 70, so upward momentum remains fairly strong and room for further strengthening remains open. JCI has also held above 6,462.35 (FR 100.00%), so it has room to continue rising toward 6,601.98 (FR 161.80%), with the next resistance around 6,723.32. Conversely, should a correction occur and JCI fall back below 6,462.35, the index could potentially test 6,425.22 (EMA10), then 6,350.05 (EMA20) as the next support. KIWOOM RESEARCH advises buy accumulation can be done gradually during healthy corrections in the EMA10 area, while a trailing stop can be considered should JCI lose the 6,462 level as an important support.