Capital Markets

Peru has many of the economic ingredients needed for rapid expansion of the capital market, yet the authorities still need to channel efforts into making the Lima Stock Exchange (Bolsa de Valores de Lima, BVL) attractive to both businesses and investors. Since the turn of the new millennium, the number of listed companies has grown from 210 in 2001 to 277 as of June 2018. Of these, manufacturing (16%), finance (14%), public service (9%) and mining (8%) are among the most represented sectors. A handful of firms tend to dominate each of these categories. For example, Southern Copper Corporation, a mining company, comprises almost 25% of the entire exchange’s value at $40.6bn; Credicorp Capital, a local financial services firm, has a market capitalisation of just under $21bn, or 12.7% of the BVL total; and Banco de Crédito, a Peruvian bank, has a market cap of $17.2bn – equal to 10.5% of the total. This chapter features interviews with Marco Antonio Zaldívar, Chairman, Lima Stock Exchange; and Jorge Ramos, General Manager, BBVA Continental Bolsa; and President, Association of Peruvian Brokerage Houses.