Turkish President Recep Tayyip Erdogan is vying to extend his more than two decades of rule in an election being closely watched by governments and investors across the world.

The country’s longest-serving leader defied opinion polls to take 49.5% of the vote in a May 14 ballot, paving the way for Sunday’s runoff against challenger Kemal Kilicdaroglu, who represents a broad group of opposition parties. Erdogan’s alliance won a majority in a parliamentary election, giving the president the momentum going into the head-to-head.

The outcome will be pivotal for financial markets, and indeed the $900 billion Turkish economy. Foreign money flooded into Turkey’s equity and debt markets during Erdogan’s first decade in power, but investors exited in recent years as the government pursued a growth-at-all-costs economic policy that crippled the currency. The lira slumped to new record lows in recent days.

Erdogan, 69, has promised to stick with his approach, which includes calling for lower interest rates despite rampant inflation. Kilicdaroglu, 74, who garnered 45% of the vote in the first round, said he would return to a more orthodox economic policy and fight corruption.

Key Developments

• Erdogan Seeks to Seal Victory in Runoff for Turkish Presidency
• Turkey’s Runoff Election Has Traders Bracing for More Pain
• Why Turkey’s Erdogan Faces His First-Ever Runoff Vote: QuickTake
• Erdogan Challenger Wins Support of Nationalist Party in Runoff
• Turkey’s Erdogan Wins Support of Eliminated Rival in Runoff

(All times Istanbul, GMT+3)

Polls Close (5:00 p.m.)

After nine hours of voting in the presidential election, polls across the nation closed. About 50,000 people were added to the electorate since the first round on May 14. About 64 million were eligible to vote.

The first results will be aired after the election watchdog lifts a broadcast ban at 9 p.m. It may decide to do that earlier.

Candidates Urge Turks to Vote (12:17 p.m.)

Both leaders urged Turks to vote after casting their own ballots on Sunday. “I ask my citizens to participate without reaching complacency until the last moment,” Erdogan said after voting in Istanbul.

People should choose “to get rid of oppression, to get rid of an authoritarian rule,” Kilicdaroglu said in Ankara. “We have faced all kinds of defamation, all kinds of slander, but I trust the common sense of the people. Democracy will definitely come to this country.”

Kilicdaroglu also urged his supporters to watch the ballot boxes until results are finalized. The turnout in the first round was 87%.