Indonesia stocks gain following election day

Asian stock markets were mainly higher today, as China's exports showed a slight pickup. This is as Indonesian stocks rocketed, despite contested presidential election results.

South Korea's Kospi rose 0.2% to 2,003.63, despite the central bank lowering this year's growth outlook. Hong Kong's Hang Seng increased by 0.2% to 23,227.91 and China's Shanghai Composite increased 0.1% higher to 2,040.92. Australian, Singaporean and Thai stocks also gained ground.

In Indonesia, the benchmark stock index exceeded by 2% following the first count of the country's presidential election revealing a narrow victory for Joko Widodo. Despite Prabowo Subianto’s refusal to concede, investors seem to believe the result was distinguished.

Indonesia's Matahari Department Store gains profit rise of half

One of Indonesia’s major department store operators, the Matahari Department Store, has revealed their profit has risen by half during the first quarter of higher sales, owing to higher spending amongst middle income households.

This is as net income between January and March rose to Rp123.1billion ($11million) - an increase from Rp82.2billion during the same quarter last year. Same store sales (which have been established for at least a year), rose by 9.3%.

The Matahari Department Store claims they continue to be positive across trading for the rest year, as they experience continuing strength in top line growth motivated by the increased disposable income in their targeted customer group.

Matahari owns 125 stores across 61 cities of Indonesia.

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Lippo Karawaci has reported a 35% rise for the first quarter net profit, thanks to its healthcare and residential units.

The largest listed property firm revealed a net profit of 339 billion rupiah {$29.4 million} for the first three months of the year up to March, an increase of 251 billion from the same period during the previous year.

The company’s revenues for its urban and residential development shot up to 53%, as the healthcare unit experienced a 29% increase.

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