An investor favorite in the $250 billion economy, Pinera's proposals are seen as pro-mining in the world's top copper producer. He has pledged support and stable funding for state-run miner Codelco, and has promised to slash red tape that had bogged down projects under outgoing President Michelle Bachelet.

Chile's benchmark IPSA stock index jumped 6.9 percent in Monday trading.

"Pinera's campaign agenda focused on investment and growth, and we believe the administration will articulate policies with that aim, which should help to consolidate the upbeat business and consumer expectations," JPMorgan economists wrote in a report.

"That said, Pinera's administration will need ... political savvy to negotiate laws in a fragmented Congress."

The Chilean peso strengthened 2.38 percent against the dollar, its biggest one-day advance in a year and a half, leading gains in the region.

Other currencies were range-bound amid doubts whether a proposed US tax cut would have a major impact on economic growth, after the bill moved closer to passing.

Uncertainty over whether the tax bill would indeed be pushed through, as well as questions over its pro-growth effects, have cast doubt on the outlook for inflationary pressures in the United States, which has boosted expectations of higher interest rates.

Higher US rates could dampen demand for high-yielding assets, such as currencies from emerging markets.

Amid global weakness in the dollar, Mexico's IPC stock index rose 1.25 percent, although analysts noted that investors were cautious given uncertainty about how a US tax overhaul could affect Mexico.