PSEi up 0.85% over 6,200 level at noon recess

Share prices on the Philippine Stock Exchange rose higher at morning session’s close Tuesday as investors bought stocks that were sold down in previous trading days, lifting the PSEi back to the 6,200-level.
 
The main PSEi index was up 52.60 points or 0.85 percent to 6,244.40 at the noon recess. The broader all-shares index added 29.66 points or 0.79 percent to 3,787.89.
 
"In general, the market is stronger after a last minute selling yesterday, which gave the market an additional 60-point market drop at the close," Joseph Roxas, president of Eagle Equities Inc., told GMA News Online.
 
Roxas said some investors see a positive light in the US government shutdown.
 
"In a way, the negative thing happening in the US, is positive to us because production will go down, economy will slip, therefore US cannot taper the bond purchases," he said.
 
Reuters reported that US stocks closed lower on Monday  (Tuesday, PHL time) with just hours to go before a midnight deadline to avert a federal government shutdown.
 
Meanwhile, Asian shares held steady on Tuesday as investors waited with bated breath just hours before a deadline that will see much of the US government begin to shut down, which could crimp growth in the world's largest economy, Reuters added.  ?  VS, GMA News