The result of yesterday's vote was put off by several hours, angering supporters of the losing candidate who protested the delay as suspicious.
The drama capped a campaign marked by corruption scandals plaguing all three candidates that overshadowed voter concerns over unemployment in the debt-laden country wedged between Russia and China.
Former judoka Khaltmaa Battulga of the opposition Democratic Party finished first with 38 percent of the vote, the General Election Committee said, well short of the 51 percent majority needed to win outright.
Enkhbold edged Sainkhuu Ganbaatar of the Mongolian People's Revolutionary Party (MPRP) by just 0.1 percentage point after he had trailed in the early vote count.
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Members of the MPRP held a protest at the General Election Committee office early today, said the head of the electoral body, Choizon Sodnomtseren.
Sodnomtseren defended the delay in announcing the result, saying someone had broken a broadband cable in Gobi-Altai province, preventing the results from several polling stations to be counted until Tuesday morning.
The delay angered Ganbaatar's MPRP, which sought to break the domination of the main parties.
"The General Election Committee intentionally delayed the reports from the polling stations," Erdenebileg Erdenejamiyan, a senior MPRP official, told reporters hours before the results were announced. "We believe they are changing the results."
Yesterday, Mongolians voted in the capital, the country's sprawling steppes and even in yurts serving as polling stations.
"I didn't like the campaigns, I felt like I had no one to vote for," Batbayar Nyamjargal, 24, said after voting at a polling station next to a playground in Ulan Bator.
The resource-rich nation of just three million has struggled in recent years with mounting debt.
The next president will inherit a $5.5 billion bailout led by the International Monetary Fund and designed to stabilise its economy and lessen dependence on China, which purchases 80 per cent of Mongolian exports.
But voters heard little from the three candidates about unemployment and jobs, their top concerns according to opinion polls. Campaigning has instead focused on their opponents' allegedly shady pasts.
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