Foreign demand for publicly listed stocks went up astonishingly in the first half of the year, spurring growth in the Indonesia Stock Exchange (IDX), which has gained 20 percent so far this year to become one of the best performers in the region.

As of Monday, international funds bought Rp 56.1 trillion (US$4.85 billion) more stocks than they sold, according to statistics from the IDX.

That compares with Rp 5.3 trillion-net foreign sell jotted down by the bourse in the first half of last year, ending 2013 with foreign outflow of up to Rp 20.64 trillion.

Analysts have attributed foreigners'€™ strong buying appetite, especially for big cap, to the emerging economy and hopes that a presidential succession could further boost growth in Southeast Asia'€™s biggest economy and bring a new investor-friendly leader.

'€œPresidential succession is a rare occasion when optimism for a better market condition is aroused and the bourse should take advantage of this situation,'€ Asjaya Indosurya Analyst William Surya Wijaya said.

Indonesia held a legislative election on April 9 and a presidential election on July 9, with the new president slated to take office on Oct. 20. The election is apparently the main reason behind the bulking foreign net buy, according to William.

'€œIt is the time when the outgoing president tries to make a good impression before leaving office and the presidential candidates impress the market with their campaign promises. Foreign investors are harboring the optimism that the new elected president will improve the macroeconomic condition,'€ he added.

The benchmark Jakarta Composite Index (JCI) grew by 7 percent, 46.5 percent and 18.2 percent in between the year'€™s trade opening to presidential elections in 2004, 2009 and 2014 respectively, William said.

The first direct presidential election was in 2004.

During 2004 and 2009, the JCI rose 42 percent and 76 percent, respectively, according to William, who believes that foreign net buy would grow stronger by the end of this year as long as the political situation remained stable.

Total trading volume stands at Rp 808.7 trillion this year, with foreign investors contributing 40 percent of that figure with Rp 321.2 trillion worth of stocks being traded.

Most foreign investors, William said, explored big caps stocks as they offered a more secure investment.

The LQ45 index, which consists of 45 companies with the biggest market capitalization and transaction value in the past year, grew by 22.92 percent year-to-date.

Data from the Financial Service Authority (OJK) shows that only eight firms in the LQ45 list recorded negative growth in the last six months.

An analyst from the Indonesian Association of Securities Analysts (AAEI), Budi Frensidy, said that the swarming net-foreign buy was not only driven by the political sentiment, but also the improving macroeconomic condition during the January-June period of this year.

Inflation expanded 0.4 percent in June, the lowest monthly inflation level in five years. The trade balance recorded a surplus of $70 million in May, reversing a deficit a month earlier.

'€œIndonesia'€™s position as emerging economy has also lured investors, as not many countries can still post high economic growth amid the current global economy condition. With China facing slowdown in its economy, countries like Indonesia and India have become interesting targets for investment,'€ he said.

In the region, India'€™s stock index, the S&P BSE Sensex, gained 21.7 percent so far this year, followed by Indonesia (20 percent), Thailand (18.5 percent) and the Philippines (16.7 percent), IDX statistics showed.

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