The S&P CLX IPSA, the leading stock exchange index of the Chile, in the capital Santiago, fell more than 3% this Monday (20) after the victory of deputy and former student leader Gabriel Boric in the second round of the presidential election on Sunday (19). From the left, the 35-year-old politician criticized the country’s economic system throughout the campaign.
Boric defeated the far-right lawyer José Antonio Kast with 55.87% of the valid votes. He will have a four-year term, starting in 2022, and will succeed the current president Sebastian Piñera, from the right.
The former student leader advocates economic reforms in the country to address high income inequality, mainly involving the exclusively private Chilean pension system. He has also defended the implementation of a tax reform, increasing taxes for the richest.
Around 10:16 am, the IPSA dropped 3.58%, with 4,201.73 points. On the other hand, copper futures prices for March 2022 retreated 0.57%, to US$ 4.27. Ore is Chile’s main export product, accounting for around 50% of total exports. Boric defended an increase in taxes paid by private companies that exploit the commodity, as well as more subsidies for Codelco, the state-owned copper explorer.
Reference: CNN Brasil
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