Indonesian share index hit a near three-week closing high on Monday amid inflows and a rise in the rupiah on expectations of economic reforms by the new president, while most other markets in Southeast Asia gained along with strength in global stocks. Jakarta's composite index added 0.23 percent after climbing 1.6 percent on Friday. The index finished at 5,040.53, the highest closing level since October 1.
The rupiah rose to its strongest in more than three weeks while foreign inflows lifted shares of Telkom Indonesia and Astra International. The market posted a net foreign inflow worth 761 billion rupiah ($63.3 million), the first in nine trading days, Thomson Reuters data showed. Indonesia's Joko Widodo took over as president of the world's third-largest democracy on Monday with supporters' hopes high but pressing economic problems and sceptical rivals set to test the former furniture businessman.
Stocks in Singapore and Malaysia extended their gains for a second consecutive session, while the Philippines and Vietnam rebounded after ending down on Friday. Global stocks climbed on Monday, with strong US data and encouraging third-quarter earnings easing concerns about the pace of global economic recovery and raising appetite for riskier assets. Bucking the trend, Thai SET index edged slightly lower, erasing early gain. Late selling hit shares in large caps such as PTT and Siam Cement.
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