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While Pinera still held the majority on the recent vote, observers were concerned that Sanchez’s better-than-expected results could put a wrench in the second vote if she threw her support behind Guillier to win the final vote.

“Frente Amplio has the key to the second round,” Kenneth Bunker, director of the electoral program at Universidad Central, told Bloomberg. “No one knows who will win. Guillier maybe has more possibilities.”

In response to the recent political risk, Citigroup advised underweighting Chilean stocks.

“Rising uncertainty surrounding the elections, elevated valuations, uninspiring corporate results and strong price performance could be a perfect excuse for profit taking,” analysts Fernan Gonzalez and Julio Zamora said in a note.

For more information on the developing economies, visit our emerging markets category.

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