Indonesian shares hit 11-mth high after Jokowi gets Golkar support
Published on May 14, 2014 10:56 AM
SINGAPORE (Reuters) - Indonesian shares rose to their highest in more than 11 months on Wednesday after Jakarta Governor Joko "Jokowi" Widodo boosted his chances in the July presidential election by securing the support of the country's second-largest political party.
The Jakarta stock exchange rose as much as 0.8 per cent to 4,962.23 points, the highest since early June of last year. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 per cent higher.
Jokowi's Indonesian Democratic Party-Struggle came first in April but failed to win enough seats to nominate a president by itself, forcing it to join with other parties.
Teaming up with Golkar, originally the party of long-serving autocrat Suharto, assured Jokowi support just short of 50 per cent of the national vote in April's parliamentary election.