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Lot many projects and investments were on hold as UK faced one of the most uncertain election in decades, however exit poll shows that most uncertain election would turn out to be an outright majority one in favor of conservative party.
- Expect business investments to pick up, should the conservatives win an outright majority. As of now conservatives are close to majority.
Result so far -
- 540 seats declared. Conservative has won 245, Labour party 212, Scottish National Party 55, Liberal Democrats 6, UK independence party 1.
Banking stocks might post decent gains as Labour party was planning to tax them heavily.
Ultra-rich in UK might feel safer with conservative lead as Labour party was planning to pose additional taxes on Superrich to fund the government. Moreover they were planning to withhold non-domicile status which would have taxed foreign incomes of UK residents who have permanent home outside the country.
Expect gains on FTSE over the coming weeks, though there could be heavy profit bookings over today's election gains.
UK100 is currently trading at 7020. Resistance lies around 7120 area. FTSE might go down due to global sell off and risk aversion. Under such circumstance 6500 area remains good buy.
