Shares in Jakarta closed at a record high on Tuesday amid relief that Indonesia's first direct presidential elections had passed off peacefully, with the market's favoured candidate set to sweep to victory.

The composite index ended 1.1 per cent firmer at 823.86 on robust turnover of nearly Rp2,000bn.

With nearly two-thirds of the votes counted, Susilo Bambang Yudhoyono had secured 60 per cent of the votes against the incumbent Megawati Sukarnoputri's 40 per cent. Official final results are expected on October 5.

Analyats said the market had welcomed the victory of Mr Yudhoyono, a US-educated former general who has pledged to fight terrorism and corruption and stimulate Indonesia's flagging economy.

But they warned that stocks could fall prey to profit-taking in the weeks to come following strong gains in the run-up to the election.

Among blue chips yesterday, Telekom climbed 3.7 per cent to Rp8,450 ahead of a planned 2-for-1 stock split later this month, while Indosat gained 1.7 per cent to Rs4,375.

Tokyo was barely changed at the end of a thinly-traded session as investors trickled back to the market following a long holiday weekend in Japan.

The benchmark Nikkei 225 average closed down 0.01 per cent at 11,080.87, while the broader Topix index was 0.2 per cent lower at 1,116.02.

Volume totalled 1.3bn shares with a value of Y978bn, compared with the three-month moving average of Y1,110bn.

Technology stocks were mixed to higher following an overnight rise in the Philadelphia Semiconductor Index. Advantest, a maker of chip-related equipment, rose 0.1 per cent to Y6,980 while rival Tokyo Electron was up 1.8 per cent to Y5,750.

Toshiba gained 0.5 per cent to Y412, though Fujitsu was down 0.6 per cent at Y654 and Sony fell 0.5 per cent to Y3,760.

Elsewhere, Daikyo tumbled 13.2 per cent to Y177, making it the single biggest percentage loser on the first section of the Tokyo Stock Exchange. The company's main lender, UFJ, is reportedly close to asking for state help in restructuring the condominum developer. Investors sold Daikyo shares on concerns that the Industrial Revitalisation Corporation of Japan could largely wipe out Daikyo's equity and replace it with new finance, as it did with Kanebo, the household goods conglomerate.

Shares of UFJ rose 4.5 per cent to Y464,000 on optimism that the bank was moving swiftly in reducing its exposure to its biggest, troubled borrowers.

HIS, the discount travel agent, rose 2.8 per cent to Y3,280. The company plans to list its shares on the first section of the Tokyo Stock Exchange on October 1, in a move that would allow more institutional investors to buy its shares.

Nintendo closed up 2.9 per cent at Y12,600, after the videogame maker said it would launch its "DS" dual-screen handheld game console in Japan on December 2, just in time for the holiday shopping season. The Tokyo market will be closed tomorrow for a national holiday.

Taipei rose to a 15-week high as industrial heavyweights continued to attract demand. The weighted index finished at 5,949.26, up 1.4 per cent.

Taiwan Cement led the way with a rise of 4.9 per cent to T$19.20, while Asia Cement added 1.8 per cent to T$22.60.

Technology shares were also mostly higher following gains for their US counterparts on Monday. Taiwan Semiconductor Manufacturing rose 1.8 per cent to T$46 and United Microelectronics added 1.4 per cent to T$21.20.

But Powerchip Semiconductor fell 1.5 per cent to T$25.60, its third straight decline. The shares soared more than a third over the preceding month.

Singapore staged a mid-session rebound to close modestly higher, with the Straits Times index ending at 2,001.97, up 0.7 per cent.

Singapore Telecom was a notable gainer, rising 1.7 per cent to S$2.40, its highest close in a week. Singapore Airlines firmed 0.9 per cent to S$11.40 as crude oil prices retreated in Asian trade, encouraging hopes the carrier would benefit from lower fuel costs.

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