IHSG opens up 0.45% as market awaits U.S. inflation data
The index is seen testing 5,100-5,200, supported by higher consumer confidence and lower oil prices.
The IHSG on the Indonesia Stock Exchange opened on Tuesday morning up 23.04 points, or 0.45 percent, to 5,096.81, while the LQ45 strengthened 0.43 percent to 524.64. Phintraco Sekuritas expects the IHSG to extend gains and test the 5,100-5,200 area. Market participants are waiting for the U.S. consumer inflation release on November 10 and producer inflation on November 13 local time, which are seen as important for gauging the direction of The Fed policy. At home, the October Consumer Confidence Index rose to 119.9 from 118.1 in September, with the current economic conditions index at 109.1 and consumer expectations at 130.7. Sentiment also came from Brent and WTI oil prices, which fell more than 5 percent and 4 percent, although tensions around the Strait of Hormuz still raised supply concerns.