Indonesian stocks are taking a beating on Thursday, with the Jakarta Composite down 2.8%.

This comes after early counting showed that the main opposition party, the Indonesian Democratic Party-Struggle, did not gather enough votes to nominate Jakarta governor Joko Widodo for the presidency without a coalition, reports Reuters. The final results are due May 9. 

This five-day chart shows the ugly sell-off in the Jakarta Composite:

Meanwhile, the Shanghai Composite is down 0.2% after disappointing Chinese trade data, and Hong Kong's Hang Seng is also down 0.2%. Meanwhile, the Nikkei is up 0.7%.

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