Indonesia stocks hit 10-month high ahead of polls; other regional markets rangebound

(Reuters) - The Indonesian stock market rose on Monday to its highest in 10 months ahead of elections in the country later in the week, but other Southeast Asian shares were rangebound despite a United States jobs report last week that helped boost sentiment.

The Jakarta Composite Index was up 1.4 per cent by early afternoon, trading at its highest since June 7, led by financials and market heavyweights.

Millions of Indonesians head to the polls to elect a new parliament on Wednesday and a president three months later, in a race that could bring major changes to the way the world's third-largest democracy is run, with the opposition PDI-P consistently topping opinion polls.

The market has risen more than 15 per cent so far this year as investors hope opposition candidate Joko Widodo, the favourite to win July's presidential poll, will restart stalled reforms, making the world's fourth most-populous nation a strong contender for more investment.

Shares in Astra International gained 2.6 per cent, while Telkom Indonesia was up 2 per cent, boosting the overall index.

Friday's US jobs report was firm enough to soothe concerns about U.S. recovery, but still not so strong as to hasten the end of policy stimulus.

Philippines shares gained 0.7 per cent, hovering near an over five-month high, while Vietnam gained 1.5 per cent to a level seen on March 26. Malaysian shares traded 0.1 per cent firmer.

But Singapore stocks were 0.5 per cent down, falling for a second straight session due to an overdue correction amid a lack of fresh positive factors.