KIWOOM Morning Equity – 09 September 2026 This documens is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. OIL SURGES AMID US-IRAN ESCALATION, INDONESIA PUSHES ENERGY TRANSITION US MARKET: Wall Street closed lower on Tuesday's trading (09/08/26), with pressure coming from rising tensions in the Middle East, higher expectations for a Fed rate hike, and selling in the healthcare sector. S&P 500 fell 0.58% to 7,673.52, Dow Jones Industrial Average weakened 1.18% to 52,786.07, while Nasdaq Composite corrected 0.32% to 26,421.41. INDONESIA: Investment interest in the new and renewable energy (EBT) sector remains dominated by solar power plants (PLTS), supported by increasingly efficient and mature solar panel technology development. The government considers PLTS to become one of the main pillars in driving the national energy mix, while the development of nuclear, ocean wave energy, and other renewable sources still faces risks and requires a higher degree of technology transition. - In addition, the government is preparing a new incentive scheme to replace the tax holiday that ended in 2025, amid the implementation of the Global Minimum Tax (GMT), which could reduce the benefits of tax exemptions for foreign investors. Several alternatives under study include expanding tax allowances, subsidies for using environmentally friendly energy, and production volume-based subsidies. Meanwhile, the acceleration of B50 implementation also continues, with distribution reaching 3.4 million kiloliters through September 07, 2026, while cumulative biodiesel absorption has reached 10.69 million kiloliters. As many as 6,050 gas stations, or around 94%, have distributed B50, with a biodiesel utilization target of 16.8–18 million kiloliters by year-end, which could potentially reduce diesel import needs equivalent to around 310,000 barrels per day. JCI closed up 1.01% at the 6,686.44 level. Throughout Tuesday's (09/08) trading, JCI moved in a range of 6,636.94 – 6,696.28. Foreign investors booked a net buy of Rp379.39 billion in the Regular Market. Foreign fund inflows were mainly directed through BBCA, BBRI, AMMN, TAPG, and MDKA, while the largest foreign selling pressure was recorded in BUMI, TPIA, ASII, BBNI, and TINS. The Rupiah strengthened to below Rp17,650/US$, supported by a weaker US Dollar and a stronger Yen amid expectations of BoJ policy tightening and carry trade unwinding. Technically, JCI managed to rebound and once again formed a swing low, indicating the reemergence of buy signals. The RSI (14) rose to 66, indicating bullish momentum is strengthening again. JCI has room to continue strengthening toward the gap at 6,723, with the next target at 6,787 – 6,858 should it break through. Conversely, a correction could potentially test support at 6,636, 6,589 (EMA10), and 6,566. KIWOOM RESEARCH advises a strategy of holding or selectively buy averaging up as long as JCI continues to move positively, with heightened caution should the index break through that support level.