AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,941 Increased By 103.5 (1.32%)
BR30 25,648 Increased By 196 (0.77%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

LONDON: European shares rose on Thursday after Liz Truss said she was resigning as the United Kingdom’s prime minister, brought down by her economic programme that wrecked havoc on markets.

The region-wide STOXX 600 closed 0.3% up after flirting between gains and losses right after the announcement in London.

Appointed on Sept. 6, Truss was forced last week to sack her finance minister and closest political ally, Kwasi Kwarteng, and abandon almost all of her economic programme after their plans for vast unfunded tax cuts crashed the pound and British bonds, forcing the Bank of England to intervene.

A leadership election will be completed within the next week. Sterling rallied and the London’s FTSE 100 closed higher.

“Truss took on an extra relevance to markets because of the policies that she attempted to implement and the markets’ reaction to them,” said Steve Sosnick, chief strategist at Interactive Brokers.

“You’d think that if someone was that deeply unpopular the market might rally or the currency might rally when she left. But I think the fact that neither is happening is telling us that markets do crave political stability and we don’t have that.”

Meanwhile, Finnish telecom equipment maker Nokia and rival Ericsson reported weaker-than-expected earnings, bruised by ongoing patent battles which pressured margins and offset strong demand for 5G equipment.

Shares of the companies slumped 7.6% and 14.8%, respectively.

More than half of the sectors advanced, with tech rising 1.94%. Telecom was the biggest loser, down 2.5%.

Comments

Comments are closed.