April 18, 2019 / 4:26 AM / a month ago

SE Asia Stocks-Indonesia jumps to near 14-month high as Jokowi set for re-election

    * Malaysia extends losses to more than 3-yr low
    * Telecom, industrial stocks weigh on Thailand

    By Niyati Shetty
    April 18 (Reuters) - Indonesian stocks jumped to a near
14-month high on Thursday after early elections results
indicated incumbent President Joko Widodo is likely to be
re-elected for a second term, while Malaysia extended losses to
a more than three-year low.
    The quick counts showed Widodo winning the popular vote in
the world's third largest democracy with about 54 percent,
giving him a lead of around eight percentage points over former
general Prabowo Subianto.
    "A second Jokowi (Widodo) term is welcome by markets on
policy continuity and modest reforms for Indonesia ahead,"
Mizuho Bank said in a note to clients.
    Government insiders said he was poised for a splurge of
reform, with sagging foreign investment, the troubled education
system and restrictive labour rules on the list of areas he
might tackle.
    Morgan Stanley said in a note on Wednesday that it was time
to brush aside tail risk concerns and buy Indonesian equities,
citing "falling policy rates, the return of private sector
confidence, and optionality around reform." 
    The key Jakarta stock index advanced as much as 2.4
percent to its highest since February 2018, before paring gains.
Onshore markets were closed on Wednesday for the elections.
    Lenders Bank Central Asia Tbk PT and Bank Mandiri
(Persero) Tbk PT climbed up to 5.6 percent and 6.6
percent, respectively. 
    Meanwhile, Malaysian equities retreated for a third
straight session after FTSE Russel flagged bit.ly/2XnuHRW
 on Monday that it could drop the country from a key global bond
index at the end of a review in September.
    Removal from the index, which helps with exposure to wider
global investors, increases the risk of foreign fund outflows.  
     
    Elsewhere, Thai stocks lost as much as 0.3 percent,
weighed down by the telecom and industrial sectors. 
    Advanced Info Service PCL slipped 1 percent,
while Airports of Thailand PCL declined 0.7 percent.  
    The Philippine stock market is closed on Thursday and
Friday for holidays. 
       
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0400 GMT
        
 Market                 Current   Previous close  Pct Move
 Singapore              3349.08   3348.64         0.01
 Bangkok                1670.99   1673.2          -0.13
 Jakarta                6526.285  6481.541        0.69
 Kuala Lumpur           1612.74   1620.9          -0.50
 Ho Chi Minh            972.74    972.1           0.07
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3349.08   3068.76         9.13
 Bangkok                1670.99   1563.88         6.85
 Jakarta                6526.285  6,194.50        5.36
 Kuala Lumpur           1612.74   1690.58         -4.60
 Ho Chi Minh            972.74    892.54          8.99
 

 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu
Sahu)
  
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