On Monday, Pedro Castillo, the socialist candidate for president of Peru, officially took the lead in the counting.
Surpassing Keiko Fujimori, the conservative candidate for president, thanks to a late surge of votes from rural areas.
With nearly 94% of the vote counted, the official tally from Sunday’s election revealed that Castillo, the outsider candidate, had 50.1% of the vote while Fujimori had 49.9%.
The communist contender lagged behind in the early counts but has steadily pulled ahead as he has received as much as 75% of certain updated counts.
Copper producers and local markets tumbled substantially on Monday as Castillo gained ground in the race because of his promises.
In order to change the constitution and mining laws of the Andean nation. This close of a result might also cause days of anxiety and speculation.
Castillo’s improbable climb has been attributed in large part to the stark difference between Lima and the country’s rural heartland, which was highlighted by this vote.
Some Supporters in Lima Admitted Defeat in Private
Some of Fujimori’s backers in Lima have been conceding loss behind closed doors, while her news conference on Monday alleging electoral fraud suggests she may be ready to fight if Castillo’s victory is verified.
Due to widespread speculation that Rafael Leonel Castillo would be elected president, the sol has dropped to an all-time low of 3.93 per dollar, a drop of over 2 percent from its previous value.
The S&P/BVL Peru General index dropped by about 7 percent in New York, reflecting a sharp decline in Peruvian equities. Dollar bonds issued by the country also suffered.
A bond due in 2050 lost almost 2 cents, bringing its price to 129 cents. Similarly, a 2031 dollar bond yielded only 99 cents, a decrease of over 1 percent.
Given the closeness of the race, Citibank warned of “volatility for Peruvian assets” and “noted that demonstrations against outcomes from both sides is a possibility.”
Castillo’s group reportedly released a statement explaining its economic intentions in an effort to calm markets. It was a lot less radical than the party platform Peru Libre ran on.
Conclusion
With 99.8% of ballots counted, Castillo, the son of illiterate farmers who has unsettled the political elite of the Andean nation.
And won massive support from the rural poor, had 50.2%, only 0.4% ahead of right-wing competitor Keiko Fujimori.
However, this is only a preliminary total; over 300,000 ballots have been challenged and will require further review by an electoral panel. This might take several days and perhaps swing the outcome.
