KIWOOM Morning Equity – 22 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. OIL PRICES AND US YIELDS EASE, IMPROVING GLOBAL SENTIMENT; INDONESIA STRENGTHENS ENERGY AND HOUSING RESILIENCE US MARKET: Wall Street closed higher on Monday's trading (09/21/26), supported by falling US Treasury yields and easing oil prices, which helped reduce concerns over macroeconomic pressure. S&P 500 rose 1.49% to 7,764.70, Nasdaq Composite surged 2.26% to 27,122.09, posting a new record close, while Dow Jones Industrial Average strengthened 0.71% to 52,048.83. The gains were mainly supported by a rally in tech and AI stocks, with Meta surging 11.4%, AMD rising 9.9% to first surpass a US$1 trillion market cap, and Intel strengthening 12.1%. INDONESIA: The government is preparing around 1–2 million hectares of land to support the development of raw materials for the E20 gasoline blend program, with sugarcane, corn, and cassava as the main commodities. The Ministry of Agriculture will map out available land, including around 1.3 million hectares of released land, prioritizing areas suitable for ethanol raw material crops without prioritizing forest clearing. In the initial phase, the government is preparing corn seed assistance for 1 million hectares along with support for agricultural tools and machinery, while sugarcane is one of the main commodities due to its large land requirements. The government estimates the need for up to 2 million hectares can be met through land mapping in Java, Sumatra, Kalimantan, and Papua, with E20 implementation targeted within around the next two years. - In the housing sector, the government is pushing to accelerate the disbursement of subsidized homes through the FLPP scheme, after realization through September 21, 2026 reached only 154,034 units, or 44% of this year's target of 350,000 units. BP Tapera will optimize its human resources and expand outreach to civil servants (ASN), government employees with work agreements (PPPK), industrial estate workers, and developers. On the supply side, licensing constraints and protected rice field land (LSD) remain a concern, while the scheme to recycle problem home assets owned by banks could potentially add around 82,000 units to supply. - In addition, Fitch Ratings affirmed PT. Danantara Investment Management's (DIM) credit rating at BBB with a negative outlook, while the national rating remained at AAA(idn) with a stable outlook. Fitch considers the rating to reflect DIM's strong linkage with the Indonesian government and expectations of extraordinary government support as a sovereign wealth fund. The negative outlook on the international rating follows the Indonesian government's outlook, while the national rating reflects DIM's relatively stable credit position compared to other domestic entities. JCI closed down 0.88% at the 6,384.73 level on Monday's trading (09/21). Foreign investors booked a net sell of Rp503.12 billion in the regular market, bringing the YTD net sell accumulation to Rp101.83 trillion. Foreign fund inflows were mainly directed into TINS, PTRO, COIN, CUAN, and BBRI, while the largest selling pressure was recorded in BMRI, ANTM, BBCA, TLKM, and MDKA. In the foreign exchange market, the Rupiah was relatively stable around Rp17,810 per USD after weakening for seven consecutive sessions. Market participants are now watching this week's Bank Indonesia policy decision, which could potentially be a catalyst for rupiah and domestic market movement. Technically, JCI corrected again and closed at the 6,384.73 level, below the EMA10 and EMA20, and had broken below the 38.20% Fibonacci retracement at 6,451.53. JCI also remained below the EMA50 (6,430.20), so the correction pressure is starting to indicate a weakening medium-term trend. This position indicates short-term momentum tends to be bearish, with the 6,377 – 6,384 area becoming the nearest support that needs to be maintained. The RSI (14) fell to 42.64, moving back below the 50 level, indicating bullish momentum is weakening further. Should JCI fail to hold above 6,377, correction pressure could potentially continue toward 6,290 (FR 61.80%). Conversely, should a rebound occur, JCI needs to break back through 6,430 – 6,452, followed by 6,486 – 6,493 as the nearest resistance, before testing the 6,552 – 6,590 area. KIWOOM RESEARCH advises investors to wait & see while monitoring JCI's ability to hold above 6,377 as a key support area. Investors who have already profited can apply a trailing stop or gradual profit-taking, while buy accumulation should be done selectively after rebound confirmation appears and JCI breaks back through the nearest resistance area.