May 21, 2019 - Economy

Jokowi rescues Indonesia's stock market

Data:; Chart: Axios Visuals

Sitting Indonesian President Joko Widodo, known affectionately in the country as Jokowi, was declared the winner of April's hard-fought election on Tuesday by a double-digit margin.

What's happening: It was not a second too soon for equity investors. The country's benchmark index has fallen off a cliff since voting began on April 17.

Details: After rising a respectable 5% from Jan. 1 through Election Day, the stock market not only erased all of its gains but declined by 10% during the country's month-long election process.

  • Through Monday, the exchange was in the red by 5% for the year.
  • Last week was the index's worst in 13 months, as political instability and security risks weighed on the market ahead of the election results being revealed.
  • Jokowi's win helped equities bounce 2% overnight Tuesday.

Go deeper: What to know about Indonesia's massive election

Editor's note: The spelling of the Indonesia president's nickname was corrected to Jokowi.

Go deeper