Pakistan Stock Exchange (PSX) retreated on Wednesday, following a sharp pull back in the previous session, as investors resorted to Profit-taking. PSX benchmark kse -100 lost 198.92 points by the session closing to settle at 40,281.96 index level. During the session, the kse-100 index continued its ascension right after the opening bell, and gained over 400 points as investors continued to build up on previous session’s gains. However, during post mid-day, the index reversed its course and pared earlier gains, and entered negative territory. The market participant continued to tread cautiously, despite positive economic indicators as Covid-19 resurgence in the country stone walls any positive new flow. The market pundits have expressed hope, and expect the index get back on a steady course as soon as investors gain a sense of stability. The analysts believe, positive trade data and strengthening of Rupee against U.S dollars will remain they key divers of performance indicators in the market. Pakistan’s exports have crossed $2 billion in October 2020, despite the contraction in major markets and the uncertainty created by recent resurgence of the COVID-19 pandemic. In a twitter post, Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood congratulated the exporters on crossing $2 billion exports in last month. Meanwhile, cementing its position against the greenback, the Pakistani rupee climbed to six-month high on Tuesday and closed below 160 against the US dollar for the first time since May 8, 2020 as the economic indicators showed positive trends. Rupee has recovered over 5 per cent of its value from August’s low of 168.43 versus the U.S dollar. During the day, the benchmark KSE-100 Index witnessed a volatile session, as it touched its intra-day high at 40,914.59 after gaining 433,71 points, however failing to sustain its gains, the index lost 257.43 points to touch its intra-day low at 40,223.45. At kse-100, the index volumes slightly advanced from 229.35 million shares recorded in the previous session to 234.05 million shares, while the overall market volumes were recorded at 427.85 million shares, increasing from the previous session’s volumes of 389.95 million shares. The volume chart was led Unity Foods Limited, followed by Fauji Foods Limited and Hascol Petroleum Limited. The scrips, exchanged 47.73 million, 34.79 million and 30.34 million shares, respectively. Sectors which dragged down the index were Commercial Banks with 88 points, Cement with 43 points, Power Generation & Distribution with 41 points, Pharmaceuticals with 25 points and Oil & Gas Marketing Companies with 24 points. Among the scrips, most points taken off the index was by Habib Bank Limited which stripped the index of 38 points followed by Hub Power Company Limited with 37 points, United Bank Limited with 27 points, Pakistan State Oil with 17 points and Bank Al Habib limited with 17 points. However, sectors which continued to resist pressure to the index were Oil & Gas Exploration Companies with 21 points, Automobile Assembler with 17 points, Tobacco with 11 points, Automobile Parts & Accessories with 8 points and Chemical with 6 points. Among the scrips, most points added to the index was by Fauji Fertilizer Bin Qasim Limited which contributed 13 points followed by Oil & Gas Development Company Limited with 12 points, Millat Tractors Limited with 11 points, TRG Pakistan Limited with 10 points and Colgate-Palmolive (Pakistan) Limited with 10 points. Global Markets: Stocks advance ahead of US election results Global stocks continued to advance for the third consecutive day, building up the rally as investors monitor developments around US presidential election. Markets are hoping for clarity, as investors believed that the main threat to risk assets this week is the emergence of a contested election, so if races are tight enough for campaigns to sue to halt or extend recounts, the markets may witness a reverse of the rally. The risk of contested result mounted, after U.S President Donald Trump claimed early victory and “fraud” as Democrats insist uncounted ballots in crucial swing states can still put their candidate, former Vice President Joe Biden, in the White House. Asian stock advanced over upbeat economic data as region’s largest economy showed significant growth in manufacturing and service sector, which defied investors’ predictions. Japan’s Nikkei 225 led the regional gains, which rose 1.72% to close at 23,695.23, followed by South Korea’s Kospi index which closed 0.6% higher to 2,357.32. Chinese stocks also edged higher on the day, with the Shanghai composite up 0.19% to about 3,277.44. However, Hong Kong’s Hang Seng index dented the trend, and closed 0.21% lower as Hong Kong-listed shares of Alibaba tanked on Wednesday after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns. By their Wednesday market close, Alibaba shares in Hong Kong plummeted 7.54%. In Europe, stocks advanced in a choppy session as investors continued to follow US election. Following a turbulent open, the pan-European Stoxx 600 was up 1.1% by afternoon trade, with healthcare stocks jumping 3.3% while banks shed 0.8%. Among the major markets, CAC-40 in France led the regional gains, which edged up 1.59%, followed by UK’s FTSE-100 and Germany’s DAX, which gained 1.22% each. U.S Wall Street was expected to extend its rally, as U.S. stock futures rose on Wednesday, led by tech shares, even as the results of the presidential contest so far failed to yield a clear winner. The Dow Jones Industrial Average futures climbed 150 points, while S&P 500 futures traded 1.6% higher. The tech heavy Nasdaq Composite 100 futures popped 3.5% as investors crowded back into the trade that’s been working for most of this tumultuous year. The expectation of a solid start was a result buying on dip, as Investors scrambled to cherry-pick oversold stocks at attractive rates, following a brutal previous week which resulted in almost a 10% decline in the stock prices.