Ecuador leftist Correa leads vote in official tally

By Patrick Markey

QUITO, Ecuador (Reuters) - Ecuadorean leftist Rafael Correa, an admirer of Venezuelan President Hugo Chavez, was headed for victory following Sunday's presidential run-off after promising sweeping reform in the unstable Andean country.

A Correa victory would make him the country's eighth president in just ten years and strengthen Chavez's drive to challenge Washington's influence in Latin America and promote his brand of socialist revolution.

Correa, a U.S.-trained economist, has worried Wall Street with pledges to limit debt payments and irked Washington with vows to oppose a free trade pact and a local U.S. military base. His platform mirrors many of Chavez's proposals.

Reflecting investor jitters over the election results, Ecuador's dollar-denominated debt fell sharply in Monday trading. Ecuador's Global 2012 bonds were off 2.18 points after markets absorbed what traders view as a negative development.

Initial election results early on Monday showed Correa had won 68.16 percent of the votes while his conservative rival, banana tycoon Alvaro Noboa had 31.84 percent with almost half of the ballot boxes counted.

The partial results may not reflect a nationwide trend as ballot counts come in from smaller provinces before more populated areas. But three exit polls and a quick count on Sunday showed Correa with around 57 percent.

"This is a clear message that the people want change," Correa told reporters after exit polls showed him ahead.

Noboa, Ecuador's wealthiest man with holdings ranging from coffee to construction, rejected poll results and said he could demand a scrutiny of the ballots if necessary. Tallying the full official results could take until Tuesday