At the start of trading, the Pakistan Stock Exchange was at 42,113 points. The investors and traders, nervous over news of Donald Trump in the lead to winning the American presidency, indulged in panic selling at the start of the day.
The market witnessed a decline of 761 points at the start, with the PSX index reaching 41,352 points. However, the market has, overcome its early jitters to narrow the loss at 351 points since the filing of this report.
Donald Trump, the Republican nominee for US Presidential elections, has won 255 out of the 270 electoral seats required to become the next Commander-in-Chief of America.
His mix of racially divisive politics has set worldwide markets on alert, since he is seen to be anti-immigration, a view that could have potentially disastrous effects on American as well as world economy should it become a matter of policy.
Pakistani stocks such as KASB Securities, Pakistan PVC, Shaffi Chemical Industries Limited, National Silk and Rayon Mills Limited, and Noon Sugar Mills Limited are witnessing bullish activity in an otherwise bearish day.
Losers include Security Investment Bank, Modaraba Al-Mali, Haji Mohammad Ismail Mills Limited, First Punjab Modaraba, Ideal Spinning Mills Limited.
It should be mentioned that the Pakistan Stock Exchange is still trading and that the American election results are being polled, with Hillary Clinton trailing at with 215 electoral seats out of the 270 required to clinch the presidency of the world’s sole superpower nation.
With the day’s trading halfway over, the prospect of having Trump in The White House can have potentially huge ramifications for world’s markets.
We will continue to update the story throughout the day.