Long-term investors can take advantage of current market level: analyst

Bruce Rodriguez, ABS-CBN News

Posted at Jul 23 2021 04:47 PM | Updated as of Jul 23 2021 04:59 PM

Long-term investors can take advantage of current market level: analyst 1
Philippine flags fly outside the Philippine Stock Exchange at Bonifacio Global City in Taguig on June 18, 2021. Jonathan Cellona, ABS-CBN News/File

MANILA— BPI Securities president Haj Narvaez said Friday investors could begin accumulating stocks that have fallen to cheaper levels to take advantage of an expected stock rally in the medium to long term.

The Philippine Stock Exchange Index (PSEi) slipped 0.85 percent Friday, to 6,520.74, marking its fourth day this week of either flat or negative trading.

Narvaez attributed the negative trading to jitters related to reported local cases of the COVID-19 Delta variant in the Philippines, which may lead to fresh mobility restrictions.

"If you are kind of taking a longer term view, I would say, at these levels it would start to get interesting. I wouldn't discount that the markets will fall but I would say, if you see the market falling to the 6,400, 6,300 level I would be very comfortable buying into that market," Narvaez said.

The Philippines has tightened border entry to contain the spread of COVID-19. 

Metro Manila was also placed under general community quarantine with heightened restrictions as more cases of the more contagious Delta variant were detected.

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