Traders work beneath a monitor and an electronic ticker at the trading floor of the Philippine Stock Exchange in Bonifacio Global City , Metro Manila.
BDO Chief Market Strategist Jonathan Ravelas said, “Last week’s close at 7,849.94 continues to highlight the market to consolidate within the 7,700 to 8,000 levels in the near-term, provided the7,500 levels does not give way. Expect the bounce to stretch towards the 7,900 to 8,000 levels in the near term.”
Tan noted that, “domestic factors that fueled the bull market in July remain in place.” These include low inflation, easing monetary policies plus a possible rebound in gross domestic product. “Earnings from its nickel mining business could also rebound as a result of the lifting of the suspension order on the Berong and Acoje Mines, further boosted by the prospects of rising nickel prices as a result of the pending Indonesian ore export ban,” COL added.