Analysis of the Weak Form of the Efficient Market Hypothesis in Peru

This paper analyzes the Weak Form of the Efficient Market Hypothesis (EMH) for Peru during the 2006–2021 period, empirically testing whether the Lima Stock Exchange General Index (IGBVL) follows a trajectory similar to that of a stochastic process known as a random walk. Statistical tests indicate that this characteristic is not observed in daily, weekly, or monthly data, but is observed in quarterly data. Thus, it is concluded that the Weak Form of the EMH does not hold in the case of Peru.