Leftist Candidate Sanchez Narrowly Leads Fujimori as Peru's Polarized Election Hinges on Final Ballots

LIMA, June 8 (Reuters) — Leftist congressman Roberto Sanchez pulled into a narrow lead over conservative Keiko Fujimori on Monday as Peru's presidential election remained too close to call, with official vote-counting stretching into a second day and a final outcome potentially weeks away.

With approximately 94.9% of ballots tallied, Sanchez stood at 50.10% while Fujimori slipped to 49.90%, reversing her early advantage as votes from rural, largely left-leaning regions were counted overnight.

The tight race reflects a nation deeply divided — not only over economic policy and crime, but over the legacy of its authoritarian past. Sanchez, a former minister under imprisoned ex-President Pedro Castillo, has tapped into rural discontent and promised a sweeping overhaul of the constitution, higher taxes on mining wealth, and a pardon for Castillo, who is serving an 11-year sentence after attempting to dissolve Congress in 2022.

Fujimori, running for the fourth time, initially built a lead on voter anger over crime and the economy. She has increasingly embraced the tough-on-crime image of her father, Alberto Fujimori, the former president jailed for human rights abuses. But the late surge for Sanchez suggests that anti-Fujimori sentiment — long thought to be fading — has coalesced once again.

Markets reacted with caution as Sanchez gained ground. Peru's sol currency and local bonds dipped early Monday before stabilizing, as traders weighed the possibility of a Sanchez victory, which Fitch Ratings warned would “raise uncertainty about taxation, royalties, contract stability and state intervention.” Peru is the world's third-largest copper producer and a major supplier of gold, silver, and zinc, making the election outcome critical for global mining investors.

“We expect pressure on Peruvian markets until the vote is finalized,” said Alexander Robey, a portfolio manager at Allianz Global Investors. “If Sanchez wins, investors will likely demand a higher risk premium — wider credit spreads, higher local bond yields, and a weaker sol.”

Fujimori urged patience, noting that several international polling stations — expected to favor her — have yet to report. “We're going to wait until the last vote,” she said outside her home in Lima. Sanchez, speaking to reporters at Congress, said he was “confident and optimistic, but we'll wait for 100% of the vote.” Peru's electoral authority has said a full count may not be completed until July.

Whoever wins will become Peru's ninth president in a decade. The country has seen three presidents removed by Congress in the past five years, and political fragmentation shows no sign of abating. Jo-Marie Burt, a visiting professor at Princeton University's program in Latin American studies, said the result — however narrow — reflects lasting resentment toward the Fujimori name. “The anti-Fujimori coalition seemed weakened in recent years, but it may have come together just enough to block her victory for a fourth time,” Burt said. “Either way, Peru is headed into another five years of turbulence, political conflict, and instability.”