Chile’s Presidential Election Shows Voter Support for Market Economy

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.