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Indonesian shares rise after Widodo wins presidential election

Indonesian shares rose 0.78 per cent a day after officials declared business-friendly and reform-minded Joko Widodo the winner of the country's tight presidential election.

"JAKARTA: Indonesian shares rose 0.78 per cent a day after officials declared business-friendly and reform-minded Joko Widodo the winner of the country's tight presidential election.

The Jakarta stock exchange hit as high as 5,126.28 points as of 0206 GMT, adding to gains in the past few weeks on expectation that Jokowi would win.

Construction-related stocks were among the major gainers. During his campaign, Widodo announced that infrastructure will be a focus area in his presidency.

The Elections Commission on Tuesday announced the Jakarta governor had won the presidential election by just over six percentage points, with 53.15 per cent of nearly 130 million votes.

Citigroup said while the uncertainty over leadership change has subsided, Indonesia still faces "pressing macroeconomic issues which will require bitter policies in the first month or weeks after Widodo's inauguration".

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