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Don't Hurry into Peruvian Stocks

The country's market has doubled this year, and a new exchange-traded fund is about to appear. But wait for a market correction

After tumbling last year, Peru's stock market is going gangbusters in 2009, gaining more than 101% through June 15. That is the best performance of any market in the world, according to Bloomberg. Rising prices for Peru's copper and gold and a trade deal with China have attracted substantial attention from money managers. And now U.S. investors are getting a simple way to bet on Peru's stock market. Exchange-traded fund sponsor Global X Funds, which already runs a Colombia fund, says its Peru fund will start trading in the next few weeks.

Perfect timing? Maybe not. Deutsche Bank (DB) equities strategist Guilherme Paiva says Latin American stocks have risen too quickly on hopes the world economy will pull out of the downturn. He expects a 15% across-the-board correction over the summer. Investors may want to wait that out.

Pressman is a correspondent in BusinessWeek's Boston bureau.

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