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Indonesia stocks tumble after party split

  • Jusuf Kalla, the former chairman of Golkar - Indonesia's second-largest political party - has split to join the presidential ticket of front-runner Joko Widodo (known as Jokowi) as his party formed a coalition with Jokowi's fast-gaining rival.
  • Not liking the uncertainly, investors sold, sending the JSX Index lower by 2.4%.
  • As recently as last week, Golkar was rumored to be forming a coalition with Jokowi, but demanded terms for its endorsement, a condition Jokowi - known for his reform-minded clean governance as Governor of Jakarta - was not willing to satisfy.
  • ETFs: IDX, EIDO, IDXJ
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