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Edition: U.S. Article Comments (0) Slideshow Video Full Focus Editor's choice A selection of our top photos from the past 48 hours. Full Article Follow Reuters Facebook Twitter RSS YouTube Read UPDATE 1-Eastern Arizona fire claims nearly 350 square miles 06 Jun 2011 U.S., Pakistan authorities dispute militant's death 06 Jun 2011 Analysis: E.coli outbreak poses questions for organic farming 06 Jun 2011 Congressman Weiner admits online affairs | 06 Jun 2011 China paper warns Google may pay price for hacking claims 06 Jun 2011 Discussed 82 150 economists back U.S. Republicans in debt fight 67 ”The world is getting warmer”: Romney 65 Moody’s sounds alarm over U.S. debt limit and deficits Watched Apple's Jobs unveils iCloud Mon, Jun 6 2011 Congressman Weiner admits to online affairs Mon, Jun 6 2011 The day ahead: June 7, 2011 Mon, Jun 6 2011 Left-winger Humala wins Peru election, markets dive Tweet Share this Email Print Factbox Who's who on Peru Humala's economics team Mon, Jun 6 2011 Related News Peru Humala advisor says speculators will lose Mon, Jun 6 2011 Analysis & Opinion Europe struggles with bad choices Party wins big in Vietnam, but with a few twists Related Topics World » Related Video Humala claims victory in Peru Mon, Jun 6 2011 1 / 10 Peruvian presidential candidate Ollanta Humala and his wife Nadine Heredia greet supporters as they appear in a city square in Lima June 5, 2011. Credit: Reuters/Janine Costa By Teresa Cespedes and Caroline Stauffer LIMA | Mon Jun 6, 2011 9:29pm EDT LIMA (Reuters) - Left-wing former army commander Ollanta Humala won Peru's presidential election and vowed the poor will share in the country's new wealth but financial markets plunged on fears that he will ruin the economy. Humala had more than 51.5 percent support with results in from 92 percent of ballot boxes and Keiko Fujimori, his right-wing rival and the daughter of jailed former President Alberto Fujimori, conceded defeat Monday. While Humala's supporters celebrated in the streets, Peru's stock market was battered in a wave of selling. The main index sank 12.5 percent, its biggest loss ever, before trading was suspended, and the sol currency Fell over 1 percent despite central bank efforts to stem its decline. Humala has dropped some of his more radical proposals since narrowly losing the last election in 2006 and senior advisers tried to reassure markets Monday that he will run the economy prudently, but many investors simply don't trust him. Shares in mining companies fell as much as 15 percent because Humala has said he wants to impose a windfall tax Humala on Peru's vast mining sector. Mexican mining company Grupo Mexico and Chilean companies that also have major units in Peru saw their shares fall sharply, while Peru's sovereign bonds plunged in New York on the vote outcome. Investors worry that Humala, who takes office on July 28, will increase state control over the fast-growing economy and throw away fiscal discipline. They are keenly awaiting his choices for finance minister and central bank chief as a sign of whether he will adopt moderate policies or push for radical change. His pick for vice president, Marisol Espinoza, Monday unveiled a transition team including economic advisors to Humala, but she said no date had been fixed to name his cabinet. The team includes Kurt Burneo, a top economic adviser to Humala and a former central bank and finance ministry official tipped as a possible finance minister in the next government, and economist and former central bank director Daniel Schydlowsky. Burneo said those selling Peruvian assets would get burned. "Those speculating now are simply going to lose their money because everything is very solid," he told Reuters. He said Humala guarantees counter-cyclical fiscal policy, will respect the central bank's independence as well as investments made by private companies, and will cut Peru's debt-to-GDP ratio, now at around 22 percent. Peru is a major metals exporter and one of the world's fastest-growing economies over the past decade, but a third of its people are stuck in poverty and Humala has promised to spread around the benefits of the economic boom. 'SOCIAL INCLUSION' "We want economic growth with social inclusion," Humala, 48, told thousands of cheering supporters at a rally in downtown Lima that stretched into the early hours of Monday. "We can build a more just Peru for everybody." After losing the 2006 election, Humala toned down his anti-capitalist policies to try to win over centrist voters. He vows to run a balanced budget, bring experienced technocrats into his government and respect foreign investors who plan to spend $40 billion on extractive projects in Peru in the next decade. He also wants to give the poor a greater share of Peru's natural resource wealth and end social conflicts over minerals and oil. Another of Humala's economics advisers, Felix Jimenez, who is seen as a possible central bank chief and is also on the transition team, insisted that investors have nothing to fear. "Our economic proposals are totally sensible: to maintain macroeconomic equilibrium, consolidate growth and create conditions for private domestic and foreign investment growth," he told Reuters. Fujimori, 36, was favored by business leaders but many voters rejected her because her father is serving a 25-year prison sentence for corruption and using death squads to crack down on suspected leftists when he was president in the 1990s. Humala, who as an army commander led an unsuccessful revolt against the elder Fujimori in 2000, had hammered his rival for working in her father's authoritarian government. HARD-LINER OR OVERREACTION? Critics say Humala is still a hard-liner at heart who will take over private firms and try to change the constitution to allow himself to run for consecutive terms like his one-time mentor, Venezuela's firebrand leftist leader Hugo Chavez. "Humala has four different manifestoes. He doesn't convince me and represents a return to militarism of the past," said 35-year-old security guard Julio Cauche when he went to vote. Humala says the state must vigorously regulate the economy, although he has ruled out taking over private firms. He also says he will emulate moderate leftist leaders like Brazil's former President Luiz Inacio Lula da Silva. Some on Wall Street said the market had sold off too much. "We would frankly look for opportunities to add exposure. I think the market has probably overreacted a bit here," said Joyce Chang, global head of emerging markets research at J.P. Morgan. Highly disciplined from his military days, Humala jogs around his neighborhood each morning and keeps his hair cropped short. His entourage calls him "comandante." He is likely to forge closer ties with Brazil's center-left government, reinforcing Brazil's growing influence in South America at a time of U.S. economic stagnation. (With reporting by Terry Wade, Patricia Velez, Marco Aquino, Simon Gardner and Alejandro Lifschitz in Lima and Manuela Badawy, Daniel Bases and Walter Brandimarte in New York; Editing by Kieran Murray) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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