KIWOOM Morning Equity – 10 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. GLOBAL MARKETS BRACE FOR US INFLATION DATA, INDONESIA MAINTAINS FISCAL STABILITY US MARKET: Wall Street closed lower on Wednesday's trading (09/09/26), after investors were disappointed with the announcement of a US Treasury buyback program smaller than expected. S&P 500 fell 0.48% to 7,636.36, Nasdaq Composite weakened 0.64% to 26,253.34, while Dow Jones Industrial Average corrected 0.77% to 52,380.66. Apple shares fell 0.3% after introducing the iPhone Duo, the first foldable version in the iPhone lineup. INDONESIA: The government is targeting a government debt-to-GDP ratio in the range of 40.31%-40.64% in 2027 as one of the performance indicators for financing management and sovereign risk. The DJPPR (Directorate General of Budget Financing and Risk Management) is also targeting 100% fulfillment of financing needs at controlled cost and risk, while government bond (SBN) yields are projected to be in the range of 6.5%-7.3%, with a midpoint of 6.9% in line with the basic macroeconomic assumptions. The government is also targeting a 100% success index for domestic SBN market deepening and continuing to expand the retail SBN investor base, which currently has reached around 1.081 million investors. Retail SBN issuance is targeted at Rp160-Rp170 trillion in 2026, up from Rp152 trillion in 2025. - In addition, the Indonesian Chamber of Commerce and Industry (Kadin) is urging the government to provide more competitive incentives for the New and Renewable Energy (EBT) sector, following BKPM's plan to replace the tax holiday scheme. Kadin proposed extending the tax holiday to 15 years, given the large capital needs and the long research and development process for EBT projects. Business players also consider improved bankability and project structure certainty necessary to make it easier for EBT projects to obtain bank financing. More competitive fiscal and monetary support along with policy consistency are considered important for boosting EBT investment appeal in the long term. JCI fell 0.12% to 6,678.20 on Wednesday (09/09/26), moving in a range of 6,642.15 – 6,707.31, with foreign investors recording a net sell of Rp621.40 billion in the Regular Market. The largest foreign accumulation occurred in ANTM, AADI, BBRI, PTBA, and INDY, while the largest selling pressure was in BBCA, BMRI, CPIN, ASII, and TPIA. The Rupiah strengthened to below Rp17,600/USD, supported by an improving external position and foreign exchange reserves rising to a five-month high in August. In addition, domestic sentiment improved, with consumer confidence reaching a three-month high in August, supported by household financial conditions and a more positive economic outlook. Technically, JCI underwent a reasonable correction after strengthening, though the uptrend remains intact. The RSI (14) fell to 65, but still shows fairly strong bullish momentum. JCI has room to strengthen again and test the gap at 6,723, with the next target at 6,787 – 6,858 should it break out. Conversely, a further correction could potentially bring the index to test support at 6,636, 6,605 (EMA10), down to 6,566. KIWOOM RESEARCH maintains a strategy of hold or selective buy on weakness, with heightened caution should JCI break through that support level.