The Jakarta market rose 12.2 per cent to a 22-month high a day after the polls, with additional stimulus coming from an IMF promise of the release of $450 million in bailout funds.

Stock markets in Japan, Hong Kong, Singapore, Malaysia, Australia, Thailand, the Philippines, South Korea and Taiwan also ended higher. A 1.0-per cent rise on Wall Street, where the Dow Jones Industrial Average climbed 109.54 points to 10,909.38 at Monday's close and less than 10 points shy of its record of 10,917.30, bolstered regional sentiment.

As fledgling opposition parties snatched a commanding lead Tuesday over the ruling Golkar party in early results, the Jakarta Stock Exchange composite price index surged 74.569 points at 686.947. The market missed out on a regional rally Monday due to an election-day marketholiday. Brokers said the market barometer was at its highest level since August 6, 1997, with both foreign and local investors upbeat after the trouble-free polls.A dealer with a regional brokerage described the market surge, which came a dayafter the peaceful polling, as `crazy.' Apart from a general feeling of relief that the election went smoothly, foreign and local investors were looking forward to reform-minded parties dominating the results, he said. ``I don't think investors have any particular preference which party wins but I think most don't want to see the old party (Golkar) regaining power,'' the dealer said.

Share prices in Tokyo rose 0.5 per cent to their strongest point in three weeks but investors were reluctant to drive the market higher, brokers said. The key Nikkei average of 225 leading issues on the Tokyo Stock Exchange gained 87.03 points to end at 16,562.92, close to the day's high of 16,571.12.