KARACHI: At first investors, seeing the results of US presidential election, shrieked in horror as the index took nose dived by 760 points, however, later took sigh of relief and u-turned as they found solace in Donald Trump’s, the 45th US president, winning speech. The benchmark KSE 100 index closed positive with gains of 89 points at another all time high level of 42,203 points, following recovery in global stocks after Trump victory speech and institutional support in blue chip banking and cement stocks played a catalyst role for record close in the late session rally. Pakistan’s equity market was not only to take sharp dip as other regional and international markets also reacted negatively following the unexpected outcome of US presidential elections, in which the history of selection of male presidents remained unchanged, against all media hype in favor of Hillary Clinton. “We had predicted that in case of a Trump win, a similar reaction that was seen after the Brexit vote could potentially be repeated. After the Brexit vote (market was down by 850 points) losses were gradually gained with the market reverting to its bullish trend and reaching all time highs,” said analysts at Topline Securities. “We are of the view that after the initial reaction, the local market can bounce back thanks to local liquidity. This is because over the course of last decade, US influence in Pakistan has gradually been decreasing, which is evident from trade flows between the two countries. Imports from US that were 25 percent of total imports 10 years ago are now around 15 percent. Exports that were 4.5 percent to US 10 years ago are now only 3.6 percent. Similarly, of the total remittances, a quarter used to come from the US 10 years ago, which is now around 15 percent,” the analysts noted, adding that Pakistan’s economy has generally shown higher economic growth in Republican Party era compared to Democratic rule. Oil stocks remained in pressure amid mid session plunge in global equities and oil prices near to $43/barrel after victory of Donald Trump, said Ahsan Mehnti, senior equity analyst. Cherry picking was observed in banking stocks as HBL, UBL gained by 2 percent and 0.9 percent respectively, he added. Volumes increased by 15 percent to 552 million shares, while value increased by3.4 percent to Rs 21 billion /$201 million. On Tuesday 480 million shares worth Rs 20.3 billion/$195 million were traded. BOP upheld its position as top volume leader with 108 million shares followed by Telecard Limited 43 million, SSGC 30 million, TRG Pak 25 million, and Pakistan international Bulk Terminal Limited 16 million. Shares of 422 companies were actively traded at the bourse out of which prices of 185 ended in green zone, 216 in red, while 21 ended unchanged Market experts expect KSE100 index to consolidate gains above 42, 000 points and trade in a range of 300-400 points. Investors will also closely track developments on international front as Trump announces his broad policy objectives in the coming days.