A former disciple of Venezuelan President Hugo Chavez, left-wing Nationalist Party candidate Ollanta Humala won Peru's presidential elections on Sunday.

Scaring away investors with the prospect of a socialist market economy, Peru's stocks declined "the most in two years," reported Bloomberg, with the benchmark Lima General Index tumbling by 8.7 percent by 9:38am.

Humala opponent Keiko Fujimori, the daughter of ex-president Alberto Fujimori, serving time for corruption and human rights abuses, lost the vote by 2.5 percentage points.