The trajectory of the BVL, wiht a 50% increase in it’s General Index last year, has not gone unnoticed by local investors, who doubled down on their bet on Peruvian stocks; even though simultaneously occurring foreigners accentuated their withdrawal and left, thus, a certain aftertaste in the market.
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Around 42,000 peopel entered the stock market in 2025 and joined the 87,000 from 2024, by far the two largest figures for the incorporation of retailers into the now integrated single nuam market, according to ancient records of the BVL.
This growing appetite of retail investors for the local stock market was reflected in the fact that their investments in the square,or the amount they traded,jumped to almost a third (32%) of the total traded in 2025,a participation that is,equally,the highest in recent history – at least since 2016. Four years earlier that percentage was 23%.
“32% (of what is traded on the BVL) is from the retail investor last year. That is a figure that has not been seen in the last ten years. That is, certainly the retail investor has never had as much participation in Peruvian equity as it is having now“, highlighted Julio Plácido, commercial manager of nuam brokers & funds.
“You have that large group, that almost 30% of the amount traded by individuals, which is a large participation. It is indeed a third of what is traded (on the BVL) that comes from a retail person”, he stated.
Foreigners
However, against the grain of the mood of small Peruvian investors, foreigners accelerated their withdrawal from the BVL in 2025, reducing their participation in the local market to a historic low of 8%, from an average of 30% between 2016 and 2024.
Foreigners have been retreating for some time, more markedly since 2021, with the arrival of Pedro Castillo to the presidency that year and the successive withdrawals of pension funds (AFP).
Although in recent years, without the shadow of the “perulibrista” (nationalist), the releases of pension savings have gained more relevance.
“the foreigner has pulverized their participation (in the BVL)”, Plácido acknowledged, explaining that, previously, non-residents saw the afps as the counterpart to, for example, sell their shares when they deemed necessary.
But that role of the pension entities was overshadowed by the withdrawals – to which the AFPs gave prominence – as was verified in 2025, so foreigners tend to withdraw from the local market, he affirmed.
Though, he highlighted that in December and so far in January, foreigners have been net buyers of shares on the BVL, driven by the sale of Cementos Pacasmayo to Holcim, as with these types of large transactions, a “visibility effect” arises in the local market, according to which investors realize that other Peruvian companies also have value.
Faced with these types of events, “in which the spotlight is on Peruvian companies,” foreigners wonder if it is time to buy local shares, the nuam executive said.
Returns
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Corporate debt issuance in Peru reached $3.3 billion in 2025, a 23% increase year-over-year.
“The highlight is the increased activity in long-term issuances. Also, the higher volume reflects the entry of new companies into the market,” said Daniel Lastra, commercial manager of issuers and value-added services at nuam.
“Some companies that had been silent for the past two or three years returned to the public market last year to issue debt,” he added.
Lastra noted that financial sector companies, such as banks and municipal savings banks, remain key players in corporate debt issuances, accounting for 79% of the market share. However, he said 2025 saw new sectors like energy and packaging “entering the market, seeing more competitive conditions than customary financing.”
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Investment Timeline
Brokerage firms and professional managers typically recommend a long-term investment horizon when entering the stock market.
“I believe that Peruvians, in general, with a more conservative profile, don’t opt for aggressive trading operations (to obtain profits on the same day). It’s better (for most Peruvians) to invest in an ETF, for example,” Lastra said.
