Chile’s Presidential Election Shows Voter Support for Market Economy

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SANTIAGO, Chile—After years of protests and political upheaval that seemed certain to shift Chile’s politics sharply to the left, voters in the first round of a presidential election largely backed candidates who support the country’s free-market economy, providing a boost to local financial markets on Monday.

More than half of the ballots in the Sunday vote went to three right-wing candidates who support the market economy, led by first-place finisher José Antonio Kast with 28% of the vote. Gabriel Boric, the leftist candidate who backs dismantling a private pension system and creating a state-run lithium company, finished second with 26% of the votes as he struggled to expand his base. Messrs. Kast and Boric will face each other in a Dec. 19 runoff vote.

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