Indonesia's presidential election is just two weeks away and a narrowing lead for frontrunner Joko "Jokowi" Widodo spells uncertainty for local markets.
"The election [campaign] in the past few months has been a roller coaster ride and that really raises political uncertainty and what that might do to the policy setting in the post-election environment," Euben Paracuelles, Southeast Asia economist at Nomura, told CNBC last week.
"We have a potentially more fragmented parliament that the new president is going to have to contend with," he added.
The winner of the July 9 election will lead Indonesia, Southeast Asia's biggest economy and home to the world's biggest Muslim population, for the next five years.
This election matters, say analysts, because the new president's policies will shape the economic outlook and foreign investment and comes at a time when economic growth has fallen to its lowest level in four years.
Opinion polls show that Jokowi and rival Prabowo Subianto, an ex-general, are close although Jokowi maintains a slight lead.
Jokowi, the popular governor of Indonesia's capital city Jakarta, is viewed as the more market friendly candidate.
It's no surprise then that stocks have edged down since news last month that Indonesia's second-largest political party, Golkar, unexpectedly switched its support away from Jokowi to main rival Prabowo. That means that Prabowo has a slightly larger coalition to campaign for him than frontrunner Jokowi ahead of the election.