Panama's Electoral Court has declared opposition candidate Laurentino Cortizo the "virtual winner" in the country's tight presidential election.

Electoral court magistrate Heriberto Araúz said in a televised announcement late Sunday that Cortizo of the Democratic Revolutionary Party had a narrow lead of two percentage points over his rival Rómulo Roux, from former President Ricardo Martinelli's Democratic Change party.

Araúz said results from 92% of polling stations had been scrutinized, and that the voting trend remained stable as results came in.

Cortizo had 33% of the votes and Roux 31%, in what was an unexpectedly close race between the candidates of the two most important opposition political forces in the Central American country.