title: Markets cheer as Chile's Pinera gets strong mandate for presidency
text: SANTIAGO (Reuters) - Billionaire conservative Sebastian Pinera will begin a second term as Chile s president in March with a strong mandate after trouncing his center-left opponent in Sunday s election, and local markets soared on hopes of more investor-friendly policies. Still, Pinera will face a divided Congress and an upstart leftist coalition that has promised to fight his plans to lower taxes and  refine  the progressive policies undertaken by outgoing center-left President Michelle Bachelet. Pinera s previous stint as president, from 2010 to 2014, was marked by huge student protests. Speaking to reporters after meeting with Bachelet on Monday, Pinera struck a tone of unity, saying he would work to form a  broad cabinet, of continuity and change.   Chile s peso strengthened more than 2 percentage points against the dollar on Monday, while the IPSA stock index hit an all-time high and was up nearly 7 percent, as investors bet on more business-friendly policies under a Pinera administration.  Chile is the world s top copper producer and the country s vast mining industry is also counting on Pinera s support. The business magnate has promised to cut red tape and has pledged support and stable funding for state-run miner Codelco, saying the company is  reinventing itself  and needs investment.  Codelco needs strong management and must improve its efficiency,  he told reporters. With his nine-percentage point win over center-left senator Alejandro Guillier in Sunday s runoff presidential election, Pinera, 68, won more votes than any presidential candidate since Chile s return to democracy in 1990. It was the biggest ever loss for the center-left coalition that has dominated Chile s politics since the end of Augusto Pinochet s dictatorship. Other South American countries including Argentina, Peru and Brazil have also shifted to the political right in recent years.  The results of a first round vote and a congressional election last month pointed to a more divided country, however. Far-left candidate Beatriz Sanchez captured 20 percent of votes, nearly as many as the more moderate Guillier, suggesting some dissatisfaction with Chile s long-standing free-market model. Guillier on Sunday acknowledged the  harsh defeat  and urged his supporters to defend Bachelet s progressive policies, which have included overhauls of tax, labor and education laws in an effort to fight persistent inequality in one of South America s most developed economies. Pinera said Bachelet had confirmed she plans to present parliament with a bill to recast Chile s dictatorship-era constitution before her term ends in March.  Such a change was also a key campaign promise of Guillier. Pinera said he agreed on  perfecting it (the constitution) but in a climate of unity.   Pinera s Chile Vamos party has 72 of 155 representatives in the lower house, more than any other bloc. Still, without an outright majority in either chamber of the legislature, Pinera s supporters will have to form alliances to pass most laws.  Sanchez s coalition earned its first senate seat and around 20 seats in the lower house in November s election.  The Frente Amplio commits to continuing to work for a changing Chile, with more rights and more democracy,  she wrote in a tweet congratulating Pinera, referring to the leftist Broad Front party. Efforts by Pinera s ideological allies in Brazil and Argentina to reduce fiscal deficits by cutting spending and reforming pension systems have faced political opposition and sparked protests in recent months.  What I think he s going to do is perfect Bachelet s reforms, make them more effective, more efficient, maybe help out business a little bit more,  said analyst Kenneth Bunker, of political research group Tresquintos.  But he ll be cutting around the edges, he s not going to have power in Congress to do everything he would otherwise.  Pinera has sought to strike a conciliatory tone.  In a speech at his home following his meeting with Bachelet, he said,  Yesterday Chileans handed us a great victory. But I will be the president of all the Chileans, both those who voted for me and those who voted for Alejandro Guillier.  