Argentina's stock market rose 20% at the opening, as the first reaction to the resounding election victory of libertarian Javier Milei.
The rise was led by state oil company YPF, whose shares rose 34% after the president-elect announced he would privatize it as part of his reform package.
Wall Street-listed shares of YPF were up 40% at the close on Monday.
Monday, the day after the election, was a public holiday in Argentina, which slowed market reaction.
Milei, a 53-year-old economist and outsider, defeated Argentina's long-dominated Peronist coalition as voters punished the government for decades of economic decline that has seen annual inflation hit 143 percent.
Milei has promised to replace the peso currency with the US dollar and shut down the Central Bank, which he accused of rampant money printing to fund excessive government spending in an attempt to stem inflation.
During his election campaign, he said he would cut government spending and eliminate about 10 ministries, among other controversial proposals.
Now the country is holding its breath over what he will actually do after he takes office on December 10, with few legislative powers. /BGNES
