Southeast Asian were mixed on Thursday, while Indonesia jumps to near 14-month high after early elections results indicated incumbent President Joko Widodo is likely to be re-elected for a second term.
Malaysian stocks extended losses to a more than three-year low. Malaysian equities retreated for a third straight session.
The key Jakarta stock index advanced as much as 2.4 per cent to its highest since February 2018, before paring gains. Onshore markets were closed on Wednesday for the elections, reports Reuters.
Lenders Bank Central Asia Tbk PT and Bank Mandiri (Persero) Tbk PT climbed up to 5.6 per cent and 6.6 per cent, respectively.
Removal from the index, which helps with exposure to wider global investors, increases the risk of foreign fund outflows.
Elsewhere, Thai stocks lost as much as 0.3 per cent, weighed down by the telecom and industrial sectors.
Advanced Info Service PCL slipped 1.0 per cent, while Airports of Thailand PCL declined 0.7 per cent.
The Philippine stock market is closed on Thursday and Friday for holidays.