The daughter of imprisoned former Peruvian President Alberto Fujimori has conceded defeat following a closely-fought runoff against former leftist army officer Ollanta Humala.
Keiko Fujimori Monday said she recognized Mr. Humala's triumph in Sunday's election and she salutes his victory. Fujimori also said she wished Mr. Humala luck.
With about 90 percent of the vote counted, Mr. Humala had a lead of about 2.7 percent over Fujimori.
The latest presidential campaign focused largely on continuing Peru's rapid economic growth of recent years, while ensuring that the poor also see some of that increased prosperity.
Peru's stock market plunged nearly nine percent Monday, prompting authorities to halt trading.
In the first round of balloting in April, Humala won 32 percent of the vote, falling short of the majority needed for an outright win. Fujimori, a conservative candidate, took 24 percent.
Participating in elections is mandatory for Peru's nearly 20 million eligible voters.
Some voters expressed concern that if Fujimori won, she would try to free her father, who is serving a 25-year prison sentence for his role in death squad killings in the 1990s. Fujimori has apologized for mistakes and crimes committed while her father was president from 1990 to 2000.
Humala led an uprising against Alberto Fujimori in 2000. Humala also lost a runoff election to current President Alan Garcia in 2006. Humala was outspoken during that campaign about his admiration for Venezuelan President Hugo Chavez, but has since distanced himself from the leftist leader.
Some information for this report was provided by AFP, AP and Reuters.