Lima Stock Exchange Investments Accelerate as Credicorp Sees Growth Opportunities

According to Credicorp Capital Bolsa, the Bolsa de Valores de Lima (BVL) has accumulated an increase of approximately 22% in 2026, driven by a controlled inflation rate, steady economic growth, and improved corporate financial performance. Daniel Guzmán, general manager of Credicorp Capital SAB and Credicorp Capital Bolsa, reported that trading activity in Peruvian equities has rebounded significantly, with average daily variable-income traded volume reaching US$23 million this year—approaching the peak levels recorded in 2017.

That volume represents a substantial recovery from the lowest points of the preceding five years, when the local bourse transacted merely between US$4 million and US$5 million daily. Guzmán noted that transaction growth has advanced steadily since 2023, driven primarily by regular operations rather than the isolated, extraordinary transactions that inflated the high totals observed in 2024.

Earnings Growth and Sector Recommendations

Corporate earnings for companies listed on the BVL expanded by 34% in 2025, and Credicorp Capital anticipates an additional 43% increase for 2026. This profit expansion stems from higher revenues alongside disciplined cost control and more efficient operational structures.

For the subsequent six to 12 months, Credicorp Capital highlights several preferred equities across different industries. InRetail carries an expected return of 15% to 18% based on domestic consumption recovery, while Buenaventura shows a 24% upside potential driven by strong gold prospects. Cementos Pacasmayo maintains an 8% upward margin following the equity entry of Holcim, Minsur provides an attractive dividend yield, and Southern Copper benefits from favorable copper outlooks. Additionally, Credicorp Capital favors Ferreycorp for its exposure to both mining and construction alongside a strong dividend policy.

Economic Fundamentals and Market Volatility

Underlying economic indicators support the continued positive trajectory of Peruvian capital markets. Guzmán stated that rising business confidence, controlled inflation, relatively low interest rates, reduced public debt, and elevated mineral prices form a solid foundation for investment. Furthermore, Credicorp Capital projects an additional 8% return toward the end of the year, bringing the total estimated cumulative return for the BVL to between 30% and 31%, accompanied by approximately 4% in dividend yields.

Regarding upcoming electoral processes and market shifts, Guzmán told that volatility should not deter investors. The volatility not necessarily is something bad, Guzmán said, adding that price fluctuations enable buyers to acquire assets at more favorable valuation levels. Credicorp Capital also observes heightened interest from international institutional investors looking toward the region.

Despite the favorable outlook, analysts point to external risk factors. A severe El Niño weather phenomenon remains a primary risk capable of dampening economic growth and altering projected corporate earnings, though the exact severity remains to be determined.