BANGKOK, July 10 Indonesia's benchmark index
touched an over-13-month high on Thursday as hopes of a
potential election win for Jakarta Governor Joko "Jokowi" Widodo
boosted hopes of a push for economic reforms, but uncertainty
kept the rally in check.
Other sharemarkets mostly gained after the U.S. Federal
Reserve indicated it was in no rush to begin raising interest
Jokowi and ex-general Prabowo Subianto have both declared
themselves the winner based on contradictory "quick count"
results in the closest presidential election ever in Southeast
Asia's largest economy.
Fund managers and analysts said a Jokowi victory was
expected to be good for the economy.
"While both presidential candidates have similar agendas,
Jokowi is widely perceived to be more market-friendly and open
to foreign investment," said Gillian Kwek, portfolio manager of
Fidelity's FF ASEAN Fund.
The benchmark Jakarta's composite index rose as much
as 2.8 percent in early trade to 5,024.71, the highest since May
31 last year. It was up 1.4 percent at 0733 GMT.
The rupiah hit a seven-week high but pared some gains.
Broker Ciptadana Securities advised investors to buy
property shares as Jokowi may ease the foreign-ownership ban on
Indonesian property. Shares of Ciputra Development
jumped 5.8 percent, among the top percentage gainers.
Foreign inflows sent shares of large-caps 2
percent higher, with Bank Mandiri and Astra
International among those actively traded.
Elsewhere, Thai shares hovered around a near
one-year high of 1,517.35, after 10 consecutive days of gains
amid foreign inflows. Shares of industrial conglomerate Siam
Cement and Airports of Thailand were among the
The Thai market will be closed on Friday for a public
holiday and will reopen on Monday.
"Amid the continuing positive momentum, the SET could test
1,520 in the near term as foreign investors increasingly buy the
Thai market," broker Krungsri Securities said.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0733 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 440.03 437.74 +0.52
Singapore 3281.28 3275.46 +0.18
Kuala Lumpur 1891.00 1891.16 -0.01
Bangkok 1516.89 1507.92 +0.59
Jakarta 5093.63 5024.71 +1.37
Manila 6937.21 6903.79 +0.48
Ho Chi Minh 585.95 591.60 -0.96
* 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 Viparat Jantraprap and Kaweewit Kaewjinda;
Editing by Sunil Nair)