Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Peruvian banking giant Credicorp (NYSE: BAP) took a fast track south today, falling as much as 16% in intraday trading on heavier-than-average volume.

So what: In an upset, the left-leaning Ollanta Humala defeated Keiko Fujimori for the presidency in Peru. In a post-election speech, Humala pledged to bring more of the spoils of Peru's boom to the masses. Among other things, it's expected that he'll step up taxes on mining companies in the country.

Now what: This is a classic case of the market simply not being prepared, as it seems there was a strong expectation that Fujimori would win the election. Much of the Peru market was selling off today along with Credicorp. Now investors will have to wait to see how drastic Humala's policies will be, and what impact they'll have on Peruvian companies.

According to Reuters, one of Humala's main economic advisors thinks bears will be disappointed, saying, "Investors betting against Peru will lose because incoming president Ollanta Humala will adhere to responsible policies that respect private investment and fiscal equilibrium."

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