By Oliver Griffin, Marcela Ayres and Gabriel Araujo SAO PAULO/BRASILIA, Oct 5 (Reuters) - Brazil's main stock exchange surged to a record high on Monday as the country's markets cheered on right-wing Senator Flavio Bolsonaro's better-than-expected finish in the first round of Sunday's presidential election.

A White House adviser said the uncharacteristic reticence was a strategic decision as Flávio Bolsonaro takes the lead heading into the next round.

“Brazil emerges from these elections with a Congress that is even more aggressive toward Indigenous rights,” said the Articulation of Indigenous Peoples of Brazil, the country’s leading Indigenous organization, known by its Portuguese acronym, Apib.

Brazil's right-wing Liberal Party, home to Senator Flavio Bolsonaro's presidential bid, emerged as the biggest winner in congressional elections ‌on Sunday, securing the largest single-party representation in both the Senate and the lower house.

Een presidentschap van Bolsonaro levert Washington een bevriend Brasília op. Het zou echter niets veranderen aan wie de soja van Brazilië koopt of zijn zeldzame aardmetalen verwerkt.

Right-wing senator Flávio Bolsonaro upset President Luiz Inácio Lula da Silva in the first round of Brazil’s general election.

The iShares MSCI Brazil ETF (NYSEARCA:EWZ) rose 13.32% in Monday’s regular session and traded at $43.28 as of 11:03 AM ET this morning. Through this morning, the fund is up 17.54% over the past week,

The conservative movement is becoming the dominant force in Brazilian politics after Sunday’s national election.