Key facts
- Peru's presidential race has tightened to less than a 0.1% margin between candidates.
- Overseas ballots are currently favoring conservative candidate Keiko Fujimori.
- Peru's stock index rose over 7%, and the sol currency appreciated 2.45% against the dollar.
- Leftist Roberto Sanchez still holds a narrow lead with 95.95% of votes counted.
Peru's presidential election has tightened dramatically as overseas ballots are counted, swinging the race back towards conservative candidate Keiko Fujimori and boosting financial markets. The tight contest follows a period of market volatility triggered by earlier gains for leftist candidate Roberto Sanchez, whose proposals for economic reform and constitutional changes had unnerved investors.
As of Tuesday morning, Fujimori was gaining ground as votes from outside Peru, which tend to favor her, were tallied. While Sanchez still held a narrow lead with over 95% of votes counted, the margin was less than 0.1%. A significant portion of the remaining votes, including those flagged for review, are from the Lima metropolitan region, which also leans towards Fujimori. This shift led to a sharp rise in Peruvian assets, with the main stock index jumping more than 7% and the sol currency appreciating against the dollar.
Sanchez's platform included reforming the constitution, imposing windfall and wealth taxes, and reforming mining concessions. Fujimori, daughter of former authoritarian president Alberto Fujimori, has focused on a tough-on-crime stance. Both candidates have urged patience as the final votes are tallied, with Peru's electoral authority expecting a full count in July.