Indonesia's stock market and currency rallied ahead the expected announcement of the country's new leader on Tuesday as markets shrugged off warnings of alleged cheating by one of the presidential candidates.
The benchmark Jakarta Composite index rose nearly one percent while the rupiah tacked on 0.5 percent against the greenback to a more than one-week high on Monday after individual tallies from the General Elections Commission (KPU) on Sunday declared Jakarta Governor Joko Widodo victorious with 53 percent of the vote, as reported by the Jakarta Globe on Monday.
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The rise in stocks came despite news over the weekend that rival candidate Prabowo Subianto accused the Commission of failing to investigate wide-spread cheating at the polls. Subianto, who has been trailing in exit polls to Widodo, warned that he won't accept the election results and suggested that officials recount results from 5,802 polling booths around Jakarta.
The ex-general of the country's armed forces also said that 10,000 of his supporters may visit the Commission's office on Tuesday, sparking fears of social unrest.
Spokesmen of Subianto's Gerindra party have said that the party will take the result to the constitutional court for review, which could further delay confirmation of the country's next leader.