KARACHI: The Pakistan Stock Exchange Wednesday dropped 491 points till midday to reach to 41622.73 points level as Republican Party’s controversial candidate Donald Trump has taken prominent lead over the Democratic Party’s candidate Hillary Clinton in the US presidential election.
Earlier, the stocks shed massive 453.32 points in early trading to drop to 41660.59 points level. According to economic experts, the triumph of Trump would be drastic for the world economy. The word’s major stocks especially Asian markets have already tumbled over the better position of the controversial candidate.
On Tuesday, stock market closed marginally down amid late session profit taking in selected scrips across the board. The 100-share index, after reaching up to the level of 42,413 points, declined by 19.63 points and closed at 42,113.91 points.
Market opened on a positive note and rallied to make an intra-day high of 280 points but came under selling pressure during the last hours of session as the index fell to close on a flat note (-0.05%). Investor interest was seen in the cement sector on the back of the numbers released by APCMA that showed YoY growth of 12.87% in the cement dispatches for the month of October-2016. FCCL (4.86%) and CHCC (2.97%) were top performers of the aforementioned sector. Overall, volumes increased by 44% to 480m shares, while value increased by 43% to Rs20.3b/$194m.
