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SE Asia Stocks -Most up; Indonesian shares rise on hopes of Jokowi win
July 16, 2014 / 7:45 AM / 3 years ago

SE Asia Stocks -Most up; Indonesian shares rise on hopes of Jokowi win

July 16 (Reuters) - Indonesian stocks rose on Wednesday, led
by shares of large cap companies on hopes that Joko "Jokowi"
Widodo would win the presidential poll and find a friendlier
parliament that may help push through a reform agenda.
    Other Southeast Asian markets mostly gained after China
reported economic growth that was just ahead of market
    The Jakarta Composite Index was up 1.2 percent by
0659 GMT, hovering around its highest since July 10, led by
    Political newsflow on the real vote count continues to point
toward Jokowi winning the election, analysts at broker Trimegah
Securities wrote in a market strategy report.
    Gains were led by a 2 percent rise each in Bank Central Asia
 and Astra International. Shares in Kalbe
Farma gained 3.8 percent.
    Optimism around a possible win for Jakarta Governor Jokowi,
seen as more market friendly, had sent stocks to an
over-13-month high on Thursday, the day after the election.
    On Tuesday, several members of Indonesia's second-largest
political party said they were considering joining Jokowi's
camp, which could lead to a friendlier parliament that would
help push through a reform agenda in Southeast Asia's largest
    Investors are returning to the market as the country's
security condition has been quite stable after an election
during which supporters of the two main candidates were expected
to clash, said William Suryawijaya, an analyst with
Jakarta-based Indosurya Securities.
    The Thai stock index was at a more than 13-month-
high with analysts expecting further consolidation. Singapore
shares were up 0.2 percent.
    Vietnam's benchmark VN Index was trading 0.7 percent
up after a Chinese oil rig completed exploration on disputed
waters and was being relocated, a move that could reduce ongoing
tensions with Vietnam. 
    Bucking the regional trend, Malaysia was down 0.05
percent. The Philippines stock market was closed on
Wednesday after its capital shut down due to a typhoon.
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 Change at 0659 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   440.74        439.07       +0.38
 Singapore          3297.93       3291.42       +0.20
 Kuala Lumpur       1882.98       1884.87       -0.05
 Bangkok            1533.97       1524.53       +0.62
 Jakarta            5130.72       5070.82       +1.18
 Manila               --          6834.04         -- 
 Ho Chi Minh         593.20        589.31       +0.66 
 * 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 and Fransiska Nangoy in
Jakarta; Editing by Anupama Dwivedi)

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