The Stock Exchange in Chile's capital took a nosedive after it was confirmed that the Communist candidate Irací Hassler had secured a surprising victory over Santiago's incumbent mayor Felipe Alessandri, among other defeats suffered over the weekend by traditional politics to a more radical leftwing generation.
The IPSA index, the main indicator of the 40 favourite stocks, dropped 9.21% at the opening of the day, the biggest drop since March 2020, when the demonstrations continued for the revolt of October 18, 2019
Meanwhile, the Chilean peso / US dollar rate also fell from 700 to CH $ 720 / US $ 1.
President Sebastián Piñera admitted the elections were historic, as he read the message from the voters: In these elections, the citizens have sent us a clear and strong message to the Government and also to all traditional political forces, he said Monday.
We are not adequately tuning in with the demands and desires of the citizens and we are being challenged by new expressions and new leaderships, he added. It is our duty as a Government to listen with humility and attention to the message of the people, he went on.
This strong and clear message demands a deep reflection from the government and also from all the traditional political forces, Piñera acknowledged as he hoped the Constitutional Convention whose members were also elected over the weekend will be an opportunity for Chileans to meet again so that we can heal the soul of our nation.”
Piñera anticipated an a fairer, more inclusive country, now that the indigenous peoples won (...) and the women who for the first time will have equal representation.
The regions also won, electing their governors for the first time, and the communes of Chile also won, said Piñera, who did not win but vowed that as a Government, we assume the moral commitment to ensure the normal functioning of the Constituent Convention and all upcoming elections.”