KIWOOM Morning Equity – 29 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. FED HOLDS RATES, INDONESIA NAVIGATES RUPIAH PRESSURE AND MARKET VOLATILITY US MARKET: Wall Street closed higher in Wednesday's trading (10/28/26). S&P 500 index rose 0.3% to 7,743.98, Nasdaq Composite strengthened 0.3% to 26,549.85, while Dow Jones Industrial Average added 0.2% to 52,475.10. The gains were led by technology and semiconductor stocks after SK Hynix recorded record quarterly profit. Micron shares surged 5.9% and AMD rose 3.2%, while financial sector stocks also moved positively, including Morgan Stanley, which strengthened 1.7%, and Goldman Sachs, which rose 1.5%. Investors are also awaiting the earnings reports of Microsoft and Alphabet to get a picture of the revenue outlook for big tech companies. INDONESIA: The government is preparing two stimulus measures to lower domestic economy-class airfares by around 11%–12% during the Christmas 2026 and New Year 2027 (Nataru) holidays. The stimulus includes VAT borne by the government of 11% and a 50% discount on airport service charges at airports managed by the Ministry of Transportation. The policy applies to flights from December 22, 2026–January 10, 2027, with a ticket purchase period from October 20, 2026 to January 10, 2027. The size of the price reduction depends on the route, flight schedule, fare components, and seat availability. - In addition, the government is accelerating the development of the upstream oil and gas sector by offering 60% of a total of 118 new oil and gas blocks through a tender process. Energy and Mineral Resources Minister Bahlil Lahadalia cited large investment plans in 2027, including around US$23 billion from ENI and US$20.9 billion for the Abadi Masela project undertaken by Inpex. A number of strategic projects are also being developed, including JNE#6 and Maha in East Kalimantan with a combined production potential of more than 290 MMSCFD, North Hub with gas production potential of 1,000 MMSCFD targeted to be operational in the fourth quarter of 2028, and the Geliga gas discovery with potential of more than 6 Tcf targeted to start production in 2029. The development is expected to increase national oil and gas lifting, attract investment, and expand job creation and local contractor involvement. JCI closed 0.31% higher at 5,282.31 in Wednesday's trading (10/28/26). Foreign investors recorded net buy of Rp257.74 billion in the regular market, and net buy of Rp664.24 billion across all markets, while cash and negotiated transactions recorded net buy of Rp406.50 billion. Accumulated foreign net sell on a YTD basis reached Rp124.67 trillion. The largest foreign net buying was recorded in BBCA, BOGA, ASII, GOTO, DEWA, BBRI, BRMS, MBMA, PTRO, and KLBF. Meanwhile, the largest foreign net selling occurred in TLKM, BMRI, BBNI, AADI, TPIA, PTBA, SINI, TINS, ADRO, and BRIS. In the foreign exchange market, the Rupiah remained under pressure above Rp18,170/USD. Technically, JCI moved volatilely and briefly tested the 5,185 support before rebounding and closing positive. The RSI (14) rose to 32. If JCI becomes volatile again, it could test the nearest support at 5,185 again. If it breaks down, JCI could continue toward support at 5,012 / 4,980. Meanwhile, in the bullish scenario, JCI has the potential to test the nearest resistance at the 5,317 level; if it is able to break, JCI could return to the resistance range of 5,349 / 5,418. Investors are advised to remain cautious, apply a buy on weakness strategy selectively, and wait for further confirmation before accumulating more aggressively.