July 10, 2014 / 2:16 AM / 3 years ago

Indonesian stocks hit one-yr high after presidential election

1 Min Read

JAKARTA, July 10 (Reuters) - Indonesian stocks rose more than 2 percent on Thursday to a one-year high on expectations that Jakarta Governor Joko "Jokowi" Widodo will be the next president despite his rival's refusal to concede defeat after Wednesday's election.

At the opening, the Indonesia Stock Exchange index climbed to 5,165.42, the highest since May 30, 2013.

Jokowi and ex-general Prabowo Subianto have both declared themselves the winner based on contradictory "quick count" results in the closest election ever in Southeast Asia's largest economy.

"It seems like the market will rise in the next couple of days, but it may not sustain the gain until there is an official result from the KPU," said Jeffrosenberg Tan, a director at Sinar Mas Asset Management, referring to Indonesia's election commission.

Reporting By Fransiska Nangoy; Editing by Randy Fabi and Alan Raybould

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