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