Peru’s Stock Market Surged 50% in 2025 and Analysts See Another 13% in 2026
Markets: Peru
Key Facts
—2025 surge. The Bolsa de Valores de Lima (BVL) rose 50% in 2025, and the Peru General Index gained 67.9%, driven by metals prices and banking profits.
—2026 outlook. Credicorp Capital forecasts roughly 13% potential returns for Peruvian equities in 2026, including a ~4% dividend yield, supported by GDP growth of 3.0%.
—YTD momentum. As of 23 January 2026, the BVL general index was up 21.4% year-to-date, with the MSCI Peru Select Capped returning more than 30% in U.S. dollar terms over the prior year.
—Analyst targets. Renta 4 SAB expects the Peru Select index to deliver a 54% return by year-end 2026, underpinned by earnings growth above 46% and dividend yields near 6%.
—Flows. Foreign investment into Peruvian equities reached US$902.5 million in early 2026, placing Peru second among Andean markets behind Chile, according to BVL Market Watch data.
Peru’s stock market was one of the best-performing emerging-market bourses in 2025, and local analysts see the rally continuing into 2026 on the back of high metals prices, falling inflation and a recovering domestic economy.
How Peru’s BVL Outperformed Emerging Markets in 2025
The Bolsa de Valores de Lima (BVL) closed 2025 with a 50% gain, a figure that put Peruvian equities in the top tier of emerging-market performances. Julio Plácido, manager of Brokerage and Funds at nuam, noted in January 2026 that the dollar-denominated return for Peruvian variable income reached 76.19% in 2025, placing Peru third among emerging markets tracked by the firm.
The Peru General Index, a broad benchmark of the local market, delivered a 67.9% return over the same period. The rally was led by the mining sector, which benefited from elevated gold and copper prices, and by the financial sector, where banks saw profits rise as loan-loss provisions fell.
Analysts at Kallpa SAB highlighted in January 2026 that the BVL’s general index had already advanced 21.4% year-to-date as of 23 January, suggesting the momentum was carrying into the new year. The MSCI Peru Select Capped 15% Index, which limits single-stock concentration, returned more than 30% in dollar terms over the prior twelve months, according to a September 2025 analysis by Credicorp Capital.
What Analysts Expect for 2026
Credicorp Capital’s research team, in a September 2025 outlook, projected moderate optimism for 2026. They saw potential returns of roughly 13% for Peruvian equities, including a dividend yield of around 4%. The forecast rested on two pillars: macroeconomic fundamentals and operational strength in listed companies.
On the macro front, the bank expects GDP growth of 3.0% in 2026, driven by a 3.4% expansion in domestic demand as employment recovers and inflation eases toward 2.0%. Miguel Leiva, Vice President of Research at Credicorp Capital, said in June 2026 that he expects listed-company profits to rise 43% in 2026, led by mining, electricity, construction, consumer and financial stocks.
Renta 4 SAB was even more bullish. César Huiman, Senior Analyst at Renta 4, said during the BVL Market Watch 2026 event in June that the Peru Select index could deliver a 54% return by year-end, supported by earnings growth above 46% and a dividend yield near 6%. Huiman also noted that emerging-market equities had returned 22% year-to-date in 2026, against 7% in developed markets.
Why Metals and Banking Are Driving the Rally
The Peruvian stock market is heavily weighted toward mining and finance, and both sectors have tailwinds. The central bank’s terms of trade are expected to remain at historic highs in 2026 and 2027, buoyed by copper and gold prices. Copper is critical to the energy transition and to artificial-intelligence data-center buildouts, while gold has rallied on global macro uncertainty.
On the banking side, lower loan-loss provisions and rising net interest margins have boosted profitability. Ferreycorp, a diversified industrial name, was singled out by Credicorp Capital as a top pick for 2026, with an expected dividend yield near 9%. Minsur, a tin and copper miner, was also favored for its exposure to metals linked to the energy transition.
The risk to the bullish case is political. Peru faces general elections in 2026, and policy uncertainty can rattle investor confidence. Still, analysts argue that the market’s valuation cushion — Peruvian equities remain cheap relative to history — offers a buffer against volatility.
How Foreign Investors Are Positioning
Foreign capital has taken notice. In the first half of 2026, investment flows into Peruvian equities reached US$902.5 million, according to BVL Market Watch data presented in June 2026. That placed Peru second among Andean markets, trailing Chile’s US$1.05 billion but ahead of Colombia’s US$439 million.
For international investors seeking exposure without picking individual stocks, two exchange-traded funds offer access. The ETFPERUD trades on the BVL and replicates the main Peruvian equity index. In New York, BlackRock’s EPU ETF provides exposure to the largest Peruvian listings. A newer fund, the ETFPESOV, tracks Peruvian sovereign debt rather than equities.
The bottom line is that Peru’s market is not merely rebounding from a low base. The earnings growth is real, the dividend yields are attractive by emerging-market standards, and the macro backdrop — high metals prices, falling inflation, recovering domestic demand — is supportive. Whether the most bullish targets are met depends on politics and the global commodity cycle, but the directional case is solid.
Frequently Asked Questions
How much did Peru’s stock market rise in 2025?
The Bolsa de Valores de Lima (BVL) rose 50% in 2025, while the Peru General Index gained 67.9%. In U.S. dollar terms, returns reached 76.19%, placing Peru third among emerging markets tracked by nuam.
What is the 2026 outlook for Peruvian equities?
Credicorp Capital forecasts roughly 13% potential returns including dividends, supported by 3.0% GDP growth. Renta 4 SAB expects the Peru Select index to return 54% in 2026, driven by earnings growth above 46%.
Which sectors are leading the BVL rally?
Mining and financials dominate. Mining benefits from high copper and gold prices, while banks are seeing lower loan-loss provisions and stronger net interest margins. Domestic-demand stocks such as Ferreycorp are also gaining attention.
Connected Coverage
Peru’s market is part of a broader Andean equity rally that includes Colombia and Chile.
Sources: Gestion.pe; El Comercio; Credicorp Capital; Renta 4 SAB; nuam.
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