KIWOOM Morning Equity – 04 September 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 REBOUNDS AS FED HAWKISHNESS EASES; INDONESIA PUSHES GROWTH & INDUSTRIALIZATION US MARKET: Wall Street closed solidly higher on Thursday's trading (09/03/26), driven by a rally in tech and software stocks after several sessions of volatility. Dow Jones Industrial Average rose 1.18% to 53,686, S&P 500 strengthened 1.06% to 7,748, while Nasdaq Composite surged 1.40% to 26,584. The rally in tech stocks was led by Snowflake, which surged more than 16% after raising its product revenue projections, while Nvidia also strengthened after confirming plans to acquire the open-source AI platform Hugging Face worth nearly US$13 billion. Conversely, Broadcom fell 2.7% after providing current-quarter revenue guidance below market expectations. INDONESIA: The government is opening up the possibility of evaluating and adjusting the Rp500 million annual turnover threshold that currently serves as the Income Tax (PPh) exemption limit for MSME operators. Finance Minister Purbaya Yudhi Sadewa considers the threshold relatively still low, so it can be adjusted to economic needs and conditions. This step is part of government efforts to strengthen MSMEs and maintain middle-class resilience by providing incentives that allow small businesses to grow faster. With more room to grow before entering full tax obligations, this policy is expected to encourage business expansion, boost economic activity, and strengthen MSMEs' contribution to the national economy. - In addition, the government highlighted pressure on the middle class resulting from economic growth not yet high enough to drive industrialization and create formal jobs optimally. Purbaya is targeting economic growth to gradually be pushed above 6% to around 6.5%, in line with the long-term growth target of 8%. The government will also again strengthen industrialization, particularly the manufacturing sector, to boost formal job creation and public income. These various policies are expected to start having an impact within one to two years, so the middle class can grow more strongly and sustainably again. JCI closed higher at the 6,681.84 level (High). Throughout Thursday's (09/03) trading, JCI moved in a range of 6,614.71 – 6,681.84. Foreign investors booked a net buy of Rp1.11 trillion in the Regular Market. Foreign fund inflows were mainly directed through BMRI, BBCA, CPIN, ANTM, and ADRO, while the largest foreign selling pressure was recorded in BULL, BUMI, PTRO, KOTA, and BRMS. In the foreign exchange market, the Rupiah traded stronger below Rp17,700 per US Dollar on Thursday, extending its gains for a second consecutive session amid weakness in the US Dollar Index. Pressure on the dollar was also triggered by a sharp strengthening of the Japanese yen amid speculation over potential intervention by Japanese authorities after signs of a rate check emerged. Technically, JCI continued its uptrend. The RSI (14) continued rising to the 67 level, indicating bullish momentum remains strong. As long as JCI can hold above the EMA10 in the 6,538 area, the chance of strengthening remains open to retest the 6,635 resistance and the chance of closing the gap area at the 6,723 level, with the next gap area around the 6,787 – 6,858 level. Conversely, should profit-taking occur, JCI could correct toward support at 6,614 / 6,595 / 6,538. KIWOOM RESEACRH still advises a strategy worth considering is to hold or selectively average up as long as JCI can hold above the support area, while investors need to increase caution should the index break through support.