Ilustración conceptual original de Radar Inversión
Capital markets · Published September 21, 2026 · Updated October 21, 2026 · Radar Inversión
Trading on the Asunción Stock Exchange (BVA) reached PYG 43.108 trillion between January and September 2026, down approximately 0.99% from the same period in 2025, according to Cadiem's monthly market analysis as reported by Paraguay's financial press. The cumulative moderation contrasts with a September recovery and renewed primary issuance.
Cumulative volume versus monthly trading
The PYG 43.108 trillion figure covers nine months. September alone accounted for roughly PYG 5.19 trillion, up 22.4% from August and approximately 7.4% year on year. These periods and benchmarks should not be conflated.
Guaraní trading, bonds and new issuance
Local-currency transactions made up 71.2% of September activity, versus 28.8% in US dollars. Approximately 80% of volume occurred in the secondary market and 20% in the primary market. Bonds accounted for 94.5% of turnover, equities 5.1% and investment funds 0.4%. These are September shares, not annual averages.
Radar perspective: market depth matters
More local-currency activity can broaden financing options, but the dominance of bonds underscores the challenge of deepening the equity market, attracting issuers and improving liquidity. Secondary-market turnover represents trading in previously issued securities and should not be confused with fresh financing raised by companies.
Methodology and sources
Updated with October 2026 reporting based on Cadiem's market analysis. The earlier PYG 13.397 trillion figure cited in the September version reflected a different reference point and is not comparable to the January–September total. Sources: ABC Color (13/10/2026); La Nación (04/10/2026); Cadiem.
Editorial update · October 21, 2026: primary issuance
For January–September 2026, primary-market activity reached approximately PYG 6.37 trillion, up 15%, according to Cadiem's market analysis reported by Revista Foco. This complements the PYG 43.1 trillion overall traded volume. Primary issuance represents newly placed securities, while the secondary market involves trading previously issued instruments. Total trading volume must not be mistaken for new capital raised.
Additional source: Revista Foco, October 14, 2026, citing Cadiem.
