The Santiago Stock Exchange plunged sharply on Monday, one day after the election of youthful lawmaker Gabriel Boric as President of Chile, whereas the peso, Chile’s currency, fell against the US dollar.
After the resounding electoral win of the 35-year-old socialist against the far-right José Antonio Kast, the leading benchmark of the local square, which began with a drop of up to 7%, eased to less than 4% around 10.15 (13.15 GMT).
Because of its part, today’s exchange session opened with a record high of 872.61 pesos per dollar, up 30 pesos from the previous session on Friday.
United States dollar has already surpassed its highest possible level since March 18, 2020.
The loss reduced to 2.9 per cent in a day of extreme volatility, to 864.50 buying units and 864.80 selling units.
The elections in the world’s largest copper producer were the most polarized in three decades, since the fall of the military dictatorship, but the legislator eventually won with 55.85 per cent of the vote over the ultra-conservative José Antonio Kast, who received 44.13 per cent of the vote, which was preferred by the markets.
“The rise in the tax burden, the growth in social expenditure, and the reform of the pension system are among the Boric program’s parameters that most alarm investors,” Mercados G wrote in a note.
Following Boric’s triumph, BCA Research predicts a significant sell-off in Chilean equities and currencies, according to a letter to clients. “Once the dust settles, there may be a buying opportunity in Chile.”
“Political instability will be restrained, and radical proposals will be rejected by Congress,” the business said.
Boric, who is backed by a left-wing coalition that includes the Communist Party, has toned down his rhetoric in recent weeks, and in his first speech as president-elect, he called for broad agreements and promised to advance social rights while also being fiscally responsible and looking after the economy.
He did say, though, that he would reject mining ventures that “damage,” such as a contentious iron and copper project.
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