A tightly contested presidential race in Peru is heading to the wire, with leftist lawmaker Roberto Sanchez narrowly moving into second place, raising the prospect of a runoff showdown with conservative frontrunner Keiko Fujimori.
With more than 91% of ballots counted, Sanchez held a slim lead over right-wing candidate Rafael Lopez Aliaga, securing 12.1% of the vote compared to Aliaga’s 11.9%, according to official data from the National Office of Electoral Processes (ONPE). Center-left contender Jorge Nieto trailed in fourth place with 11.1%.
Fujimori, the daughter of former president Alberto Fujimori, maintained a clear lead with around 17% of the vote and is widely expected to advance to the June 7 runoff—marking her fourth attempt at the presidency.
Financial markets reacted sharply to the uncertainty, with Peru’s sol weakening by 1.4% against the U.S. dollar and the MSCI Peru stock index falling 6.6%. Analysts say investor concerns are mounting over the possibility of Sanchez securing second place and advancing to the decisive round.
Sanchez, 57, represents the left-leaning Together for Peru party and has called for drafting a new constitution to create a “plurinational” state, aimed at giving greater representation to Indigenous communities. He is also a close ally of former president Pedro Castillo, who remains jailed on rebellion and conspiracy charges following his failed attempt to dissolve Congress in 2022. Castillo has endorsed Sanchez, who has in turn called for his release.
The election underscores ongoing political instability in Peru, which has seen eight presidents in the past decade. As vote counting continues, allegations of fraud have surfaced from multiple candidates, though European Union observers say they have found no evidence to substantiate such claims.
Fujimori has campaigned on a pro-business, pro-U.S. platform, emphasizing law-and-order policies reminiscent of her father’s presidency. Meanwhile, Lopez Aliaga, a conservative businessman, has positioned himself on a hardline social agenda, opposing abortion and same-sex marriage.
With the final count still underway, the race remains highly competitive, and the outcome of who will face Fujimori in the runoff remains uncertain.