SE Asia Stocks -Most down; Jakarta falls from 13-mnth high on uncertainty
July 11 (Reuters) - Indonesia's benchmark index fell on Friday from a 13-month closing high hit in the previous session as uncertainty over the outcome of the presidential election held earlier this week prompted investors to sell risky assets. The Jakarta Composite Index was down 1.7 percent by midday with financial firms leading the losses as Bank Rakyat Indonesia Persero Tbk PT fell 3.2 percent and Bank Mandiri dropped 1.43 percent. Both presidential candidates, Joko "Jokowi" Widodo and his rival, former general Prabowo Subianto, claimed victory in Wednesday's election, the closest ever in the world's third biggest democracy and biggest Muslim nation with a history of deadly political violence. The Election Commission will announce the official result around July 22. "Now the uncertainty of Jokowi's win has created uncertainty and this will prevail until July 22," said John Teja, director of Jakarta-based broker Ciptadana Securities. "Foreign investors are buying and local retail and institutional investors are selling. I think the uncertainty may continue even after the president is elected until he appoints the cabinet." Outperforming the Jakarta market, shares of Indonesian property developer PT Sitara Propertindo Tbk jumped more than 50 percent in their trading debut on Friday. Most other markets traded weaker with the Philippines stock index down 0.7 percent, Malaysia 0.4 percent weaker, and Vietnam down 0.5 percent, in line with the regional markets. In Kuala Lumpur, shares of CIMB Group Holdings Bhd fell more than 3 percent after the company announced plans to acquire two smaller lenders to create the country's largest bank. Most Asian share markets slipped on Friday and safe haven assets stayed in demand as investors waited to see how European stocks responded to the latest outbreak of banking jitters in the region. Bucking the trend Singapore was 0.5 percent up by 0648 GMT. The Thai stock market was closed for a holiday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0733 GMT Market Current Prev Close Pct Move TR SE Asia Index* 437.73 439.69 -0.45 Singapore 3284.08 3269.50 +0.48 Kuala Lumpur 1885.74 1892.62 -0.36 Jakarta 5013.45 5098.01 -1.66 Manila 6890.64 6937.21 -0.67 Ho Chi Minh 582.05 584.88 -0.48 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Shihar Aneez in Colombo; Editing by Anupama Dwivedi)
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