The São Paulo Stock Exchange, the largest in Latin America, plunged nearly 17% at the opening on Monday, following the historic re-election of leftist President Luiz Inacio Lula da Silva against conservative Flavio Bolsonaro.

The sharp drop in the Ibovespa index even led to a 30-minute trading suspension, while the dollar also surged by 12% against the real after Lula's surprise victory in the second round.