DILI (REUTERS) - Independence leader and Nobel laureate, Mr Jose Ramos-Horta, and incumbent leader Francisco Guterres have emerged as the early frontrunners in Timor-Leste's presidential election, official data showed.

With more than 33 per cent of the vote counted on Sunday (March 20) afternoon, a day after the nation went to the polls, data from Timor-Leste's Technical Secretariat for Election Administration showed Mr Ramos-Horta in the lead with 44.5 per cent.

The next closest was Mr Guterres, the current president and a former resistance fighter, with 24.1 per cent, according to the election administration which is responsible for the official vote count.

Asia's youngest nation held its fifth presidential election since independence on Saturday, with the country's generation of independence leaders and former fighters dominating the list of 16 candidates.

As it approaches twenty years of independence after a brutal occupation by neighbouring Indonesia, Timor-Leste has grappled with political instability and the need to diversify its oil and gas dependent economy.

Mr Ramos-Horta, 72, has said he felt compelled to run after the incumbent president had "exceeded his powers" by refusing to swear in seven ministers following the 2018 parliamentary elections.

The move sparked an ongoing political impasse in the country of 1.3 million.

After casting his ballot in the capital of Dili on Saturday, Mr Guterres said he was optimistic about his chances.

"Whoever runs must be ready to win and be ready to lose," he said, "But I want to say I will win."

If no candidate wins an outright majority, the vote will go to a second-round run off on April 19 between the top two candidates.