Jakarta. The Jakarta Composite Index (JCI) fell sharply in early trading on Thursday, sliding 0.44 percent to 7,526, despite positive momentum from US markets.

The Investor33 index dropped to 490.8, while the LQ45 blue-chip index weakened to 933. The Jakarta Islamic Index (JII) also declined to 525.2.

According to NH Korindo Securitas Indonesia (NHKSI), despite the downturn, the JCI managed to hold the critical support level of 7,500, even after a 1.03 percent drop in the previous session. On Wednesday, foreign investors withdrew Rp 683.8 billion, reducing the year-to-date (YTD) foreign net buy position to Rp 1.13 trillion.

The Rupiah remains under pressure, struggling to stay below Rp 15,300/USD, with analysts warning of potential further depreciation toward Rp 15,575.

NHKSI expects continued market volatility, as foreign short positions have led to additional selling in blue-chip and index-moving stocks. This downward pressure may persist in the coming days, especially among high-profile stocks.

Meanwhile, US markets showed resilience. The S&P 500 ended flat on Wednesday, following a slight decline earlier in the week amid concerns over escalating Middle East tensions. The Dow Jones Industrial Average gained 39 points, or 0.1 percent, while the Nasdaq Composite rose by 0.1 percent.

Goldman Sachs issued a more bullish outlook for the U.S. equity market, suggesting that its S&P 500 target of 6,000 may be too conservative. Despite short-term turbulence, they anticipate a strong rally beginning later this month.

In the energy market, Brent crude rose 0.5 percent to $73.90 per barrel as investors awaited Israel’s response to missile attacks from Iran earlier this week. Oil prices briefly crossed $76 before trimming gains later in the day.

In Asian markets, Japan’s Nikkei 225 opened 2.57 percent higher, while the Topix gained 2 percent. However, Hong Kong’s Hang Seng Index, which surged over 6 percent on Wednesday, retreated by 2.2 percent as investors consolidated gains from the recent rally spurred by government support measures in China.

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