Jakarta. Jakarta Composite Index (JCI) hovered just below the 6,000 mark on Thursday morning, slipping 0.05% as investors weighed stronger rupiah sentiment and improving car sales data against weakening consumer confidence and a sharp overnight sell-off on Wall Street.

The JCI fell 3 points to 5,899 in early trading, moving between 5,897 and 5,929 amid volatile market activity. Within the first five minutes of trading, volume reached 1.8 billion shares with turnover of Rp 1.37 trillion ($76.3 million) across 164,000 transactions. Gainers outnumbered losers 279 to 238, while 173 stocks were unchanged.

Phintraco Sekuritas said the JCI's recent rebound has been supported by lower global crude oil prices and a stronger rupiah.

Brent crude retreated toward $94 per barrel on Thursday after giving up earlier gains, as hopes for renewed diplomatic talks emerged following the US military's announcement that its latest operation against Iran had concluded.

"Not only that, yesterday's gains in the JCI were also supported by the rupiah's appreciation. In the spot market, the rupiah strengthened 0.63% against the US dollar to Rp 17,944 per dollar," the brokerage wrote in a research note. "Therefore, the JCI has the opportunity to test the psychological 6,000 level today. However, investors should remain cautious of potential profit-taking amid negative external sentiment," it added.

On the domestic front, Phintraco highlighted a decline in Indonesia's Consumer Confidence Index (CCI), which fell to 120.9 in May 2026 from 123 in April, marking its lowest level since September 2025.

"This decline was mainly driven by weaker assessments of current economic conditions," the brokerage said.

Sentiment toward durable goods purchases, perceptions of job availability over the past six months, and income expectations for the next six months also weakened. However, expectations regarding future employment opportunities and business activity showed slight improvement.

The brokerage also pointed to continued strength in Indonesia's automotive market. New car sales rose 14% year-on-year to 69,219 units in May, following a 55% annual increase in April, extending growth for a second consecutive month despite concerns over inflationary pressures and higher fuel prices.

"However, rupiah depreciation could potentially lead to higher production and import costs," Phintraco said.

For the January-May period, car sales increased 12.8% year-on-year to 359,015 units. Industry association Gaikindo is targeting total vehicle sales of 850,000 units this year.

External sentiment remained negative after another sell-off in artificial intelligence-related stocks dragged US equities sharply lower overnight. The S&P 500 fell 1.6%, marking its first back-to-back decline in three weeks. The Dow Jones Industrial Average plunged 953 points, or 1.9%, while the Nasdaq Composite dropped 2%.

Across Asia on Thursday morning, Japan's Nikkei 225 fell 0.28%, South Korea's Kospi slipped 0.06%, China's Shanghai Composite eased 0.09%, while Hong Kong's Hang Seng gained 0.23%.