(March 7): Indonesian stocks rose to a record high, buoyed by optimism over the country’s prospects amid a push by leaders for faster economic growth.

The Jakarta Composite Index advanced 0.6% to 7,373.964, surpassing a peak set in January. Materials and infrastructure stocks were among the biggest gainers.

Defence Minister Prabowo Subianto — who secured majority support in February’s presidential election, based on quick counts — is targeting economic growth of 8% in the next five years. He has also pledged to maintain fiscal discipline and continue with existing economic policies.

“The clarity over elections supported an already compelling macro story with investors now assuming that economic policy would be largely unchanged,” said Sat Duhra, a fund manager at Janus Henderson Group.

The official results of the vote will be announced by March 20.

A stronger economic outlook is also helping to boost the Southeast Asian country’s banks, which is the best performing sector on the stock gauge so far this year. Financial shares have drawn “more than seven trillion rupiah (RM2.1 billion) of net foreign buying in January alone,” according to Tareck Horchani, head of prime brokerage dealing at Maybank Securities Pte.

“There is also confidence in Bank Indonesia in continuing to manage well the inflation and start the cut cycle soon, toward the end of” second quarter, Horchani said.