FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. REUTERS/Agustin Marcarian/Illustration/File Photo

By Lucila Sigal

BUENOS AIRES (Reuters) -Argentine President Javier Milei on Monday urged moderate opposition lawmakers to back his reform agenda during the next two years of his term, after his party cruised to victory in midterm legislative elections, sending local markets soaring.

Milei's La Libertad Avanza party won 40.68% of the votes, compared with 31.69% for the Peronist coalition, official results showed. The president said the important thing now was to get reforms approved.

"The worst is behind us," Milei told local television channel A24. "I'm going to seek the votes I'm missing (in Congress) to implement these reforms," he added, referring to potential alliances with lawmakers and governors.

Milei reaffirmed plans to push through labor, pension and tax reforms after strengthening his bloc's presence in a Congress previously dominated by the opposition.

Argentina's peso strengthened 10% to 1,355 per U.S. dollar in early Monday trading after the midterm election, while the country's main stock index jumped nearly 20%.

Milei confirmed he will make changes to his cabinet, many of which "forced" as some ministers will now be Congress members, but noted he has time until the new lawmakers take office on Dec. 10.

Security Minister Patricia Bullrich won a Senate seat, Defense Minister Luis Petri was elected to the lower house, and presidential spokesman Manuel Adorni will serve as a legislator in the city of Buenos Aires.

"I have to form the new cabinet in order to negotiate and pass the laws I committed to with the Argentine people," Milei said.

(Reporting by Lucila Sigal, Jorge Otaola and Walter Bianchi; Writing by Natalia Siniawski; Editing by Gabriel Araujo and Nick Zieminski)