Peru Equity Strategy: Post-Election Outlook - Institutional Stability and Capex Unlock

研报英文原文证据摘录

Peru Equity Strategy: Post-Election Outlook - Institutional Stability and Capex Unlock

J P M O R G A N Global Markets Strategy

22 June 2026

Peru Equity Strategy

Post-Election Outlook - Institutional Stability and Capex

Unlock

With the presidential runoff now concluded and Keiko Fujimori confirmed as the LatAm Equity Strategy

ACwinner by a narrow margin, Peru enters a new phase of political transition marked Diego Celedon

by deep regional divides and a fragmented Congress. As highlighted in the latest (56-22) 425-5245

Economic Research note (see here), the restored bicameral legislature—where no diego.celedon@jpmorgan.com

party holds a majority—will require the incoming administration to build Inversiones J.P. Morgan Limitada

coalitions, granting centrist parties such as Partido del Buen Gobierno and Obras Emy Shayo Cherman

significant leverage. This dynamic makes sweeping reforms improbable and (55-11) 4950-6684

emy.shayo@jpmorgan.com

suggests a policy environment shaped by gradual, negotiated change. Peru’s macro Banco J.P. Morgan S.A.

fundamentals remain supported by substantial copper and gold production, which

Adrian E Huerta

helps cushion external shocks and underpins equity market resilience. Our (52-81) 8152-8720

preferred exposure to Peruvian equities is through Credicorp (Neutral, Yuri adrian.huerta@jpmorgan.com

Fernandes), given its leading market position in a banking system characterized by J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

low penetration, high concentration, and sustainably high ROEs. Morgan Grupo Financiero

Please see below the main highlights from our Economic Research team note:

Presidential Transition: Narrow Victory Sets the Stage for Policy

Realignment. Peru’s razor-thin presidential runoff has delivered Keiko Fujimori