President of Peru. 2011.

Ollanta Humala was quick to proclaim victory over Keiko Fujimori

Peru's right-wing candidate Keiko Fujimori has admitted defeat in the run-off of the presidential election.

Ms Fujimori congratulated her rival, populist former army officer Ollanta Humala.

Mr Humala has a 3% lead with more than 90% of the votes counted.

In a reaction to Mr Humala's win, the stock exchange in the capital Lima, fell by more than 10% shortly after opening, prompting officials to suspend trading for two hours.

"I recognise his triumph," Ms Fujimori said in a brief message to the media.

The two candidates shook hands after a brief meeting behind closed doors.

Mr Humala had already declared victory on Sunday night.

With most votes counted, the leftist ex-soldier has 51.5% of the vote - 3 percentage points ahead of Ms Fujimori.

In his victory speech, he promised that poor Peruvians would share the country's mineral wealth and benefit from its impressive economic