Monday, April 11, 2016

Peru Markets Rally as Runoff Vote Dominated by Conservatives - The New York Times

Investors are celebrating the apparent elimination of a leftist candidate in Peru's presidential election as the country gears up for a tight June runoff between the daughter of jailed former President Alberto Fujimori and a conservative economist beloved by Wall Street. With nearly 90 percent of polling stations counted Monday, Keiko Fujimori had 39.5 percent of the vote, while former World Bank economist Pedro Kuczynski held 21.6 percent. Leftist congresswoman Veronika Mendoza, who had made a late surge in pre-election polls, was in third at 18.5 percent.

The results heartened investors who had dumped shares in the run-up to Sunday's election, fearing Mendoza's rise. The Lima stock exchange surged more than 12 percent Monday and the country's currency also rallied. Two quick counts, a reliable gauge of results in past elections, also showed Kuczynski holding on firmly to the No. 2 spot. Fujimori has been the runaway favorite for months and looked poised to outdo even the most optimistic first-round scenarios in polls published before the vote.

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