Former general Prabowo Subianto withdrew from the Indonesian presidential race hours before the revealing of election result as the General Elections Commissions (KPU) ignore his plea to delay the announcement.

Two hours prior to the announcement, Prabowo told the media that he will now prepare to challenge the presidential polls at the Constitutional Court and left the KPU with his witnesses before the official announcement was made.

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"We exercise our constitutional rights by rejecting the presidential election, and retract ourselves from the ongoing process," the 62-year-old presidential candidate claimed after seeing his contender, Jakarta governor Joko "Jokowi" Widodo, take the lead.

With the 53 percent of Indonesia's vote, Jokowi Widodo is declared the winner of the hotly contested presidential elections after millions of Indonesians cast their vote on July 9.

After Prabowo proclaimed his refusal to accept his defeat, stocks in the Jakarta Composite index suffered a 0.9 percent decline and the value of rupiah had dropped to 0.3 percent to 11,605 per dollar. This may signify instability for investors if the losing party will contest the results three days after its announcement.

Meanwhile, Susi Dwi Harjanti, a Padjadjaran University associate professor of constitutional law said that the KPU can still declare results even if one party refuses to sign them.

"If Prabowo doesn't want to sign and express an objection, the decision will still lie on KPU. If Prabowo just leaves it ike that, it means he does not have goodwill," Harjanti stated.

Meanwhile, police are watching over the KPU headquarters while the eerie quiet of Jakarta streets indicate that the country is lying in wait for the proclamation of their next leader.

"Election victory is the people's victory," 53-year-old Jokowi posted on his Facebook page today thanking Indonesians for their support and urging the people to be united "to uphold the unity and integrity of Indonesia."

TagsIndonesia, president, Joko Widodo, Prabowo Subianto