KIWOOM Morning Equity – 12 October 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. EARNINGS OPTIMISM SUPPORTS GLOBAL MARKETS AS FISCAL FINANCING AND INVESTMENT COOPERATION TAKE THE SPOTLIGHT US MARKET: Wall Street closed higher on Friday (09/10/2026), supported by optimism over the quarterly earnings season and the growth outlook for the artificial intelligence (AI) sector. S&P 500 rose 0.59%, Nasdaq 100 strengthened 0.64%, while Dow Jones Industrial Average gained 0.83%. Amazon shares jumped 3.3%, Microsoft rose 2.4%, and Alphabet strengthened 1% amid expectations that OpenAI's annualized revenue would reach or exceed US$70 billion by year-end. Next week, investor attention will turn to earnings reports from major US banks, which are expected to generate combined stock trading revenue of nearly US$19 billion. On a weekly basis, S&P 500 rose 0.9%, Nasdaq fell 0.1%, while Dow Jones gained 585 points. INDONESIA: The government recorded net debt financing of Rp494.3 trillion through September 2026, or 59.4% of the state budget target, mainly through the issuance of government securities (SBN) totaling Rp497.5 trillion. In the same period, non-tax state revenue (PNBP) reached Rp492.3 trillion, growing 41.7% YoY and equivalent to 84.4% of the target, driven by Task Force PKH deposits, higher crude oil prices, and rising coal and mineral prices. Finance Minister Suahasil Nazara stated that state budget financing remains on track, with debt issuance conducted cautiously in line with market conditions. - In addition, Indonesia and Egypt agreed on four bilateral cooperation agreements during President Abdel Fattah El-Sisi's visit to Jakarta on 11 October 2026, covering strategic partnership, visa exemption for holders of diplomatic and official passports, statistical cooperation, and marine and fisheries affairs. Both countries also discussed potential collaboration in investment, the defense industry, trade, and the economy, although investment values and trade targets have not yet been announced. JCI closed up 1.04% at 6,093.76 in Friday's (09/10) trading. Amid this gain, foreign investors recorded a net sell of Rp29.63 billion across all markets and Rp141.50 billion in the regular market. On a year-to-date (YTD) basis, accumulated foreign net sell reached Rp111.13 trillion. Foreign fund flows mainly went into ENRG, EMAS, ARCI, ICBP, PTRO, TPIA, SINI, ERAA, GGRM, and DSSA shares. Meanwhile, the largest foreign selling pressure was recorded in GOTO, BBRI, TLKM, PACK, AADI, BBNI, ASII, ITMG, HRTA, and INCO. In the foreign exchange market, the USD/IDR rate weakened 0.07% to Rp17,917 on 09 October 2026. More broadly, the Rupiah has weakened 1.82% over the past month and 7.90% over the past year. Technically, JCI managed a rebound and held above support at the FR 61.80% level (6,033), with RSI (14) beginning to rise to the 39.8 level. If JCI manages to strengthen, it has the potential to retest 6,134 (EMA10), followed by 6,179 and 6,214. Conversely, if it fails to hold above the 6,033 support, JCI is expected to be vulnerable to testing support at 5,979, and if it breaks down, could continue to the next support at 5,898 / 5,887. KIWOOM RESEARCH suggests investors could buy on weakness and wait for a strong buy signal to re-emerge.