Commodity Gains Push Peruvian Stocks to 6-Month High
Peruvian stocks closed higher on Monday, led by strong gains in the Mining, Non-Metal Minerals and Industrial sectors.
The S&P Lima General closed up 0.82% to reaching a fresh 6-month high on the same day the Brazilian Stocks also reached a new 6-month high.
The strongest performers in Monday’s session in the S&P Lima General were Milpo (LM:MIL), which climbed 15.51%, Atacocha (LM:ATB) which jumped 11.11% higher, hitting a 52-week high and Austral Group SAA (LM:AUG) which also closed Monday’s session 11.11% higher.
The worst performers in Monday’s session were Panoro (LM:PML), which declined 4.59%, Credicorp (LM:BAP) which fell 1.46% and Inretail Peru (LM:INR) which ended Monday down 1.33%.
The Lima Stock Exchange saw rising stocks outnumber declining ones by 20 to 8, with 6 stocks ending the day unchanged.
The recent gains are an impressive turnaround for Peruvian stocks which had been under the threat of being downgraded from emerging market status to frontier market status by MSCI. The rebound in commodities, which accounts for over 60% of Peru’s exports, came as a welcome boost to the Peruvian stock market following a 1% decline by the Peruvian Sol against the US Dollar so far this year, having fallen 14% against the Greenback in 2015.
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