Chile’s Election of Leftist as President Shakes Nation’s Markets

SANTIAGO, Chile—The election of a leftist politician as president in Chile caused markets to tumble on Monday as investors fear an  economic overhaul in Latin America’s most successful model of free market orthodoxy and the home to the world’s biggest copper mines.

After former protest leader Gabriel Boric scored a landslide victory in Chile Sunday, investors worry that he will embark on an ambitious transformation of a business-friendly country that has long been a magnet for foreign investment. Influential leftists in his coalition, as well as young voters who overwhelmingly backed him, have long supported Mr. Boric’s initial proposals for a major revamp of Chile’s economic system.