UPDATE 2-Pharma stocks lift FTSE 100 out of red

* FTSE 100 up 0.3%, FTSE 250 down 0.3%

* GSK, AstraZeneca among biggest boosts

* Next Plc falls after Q3 update

* Passport maker De La Rue hits lowest in two decades
(Adds company news, updates share moves to close)

By Muvija M and Shashwat Awasthi

Oct 30 (Reuters) - A rally in pharmaceutical stocks led by
industry giants GlaxoSmithKline and AstraZeneca helped the FTSE
100 outshine most global peers on Wednesday while investors
waited for the outcome of the U.S. Federal Reserve's policy
meeting.

The FTSE 100 reversed early losses to close up 0.3%,
with the pharma sub-index scaling an all-time high,
up 2.5% after GSK again upgraded its 2019 targets.

The midcap index ended 0.3% lower as more
domestically-focused companies braced for a wide array of Brexit
possibilities after parliament approved a December election,
leaving the next steps on Britain's departure from the European
Union unclear.

Moves on both indexes were however subdued with investors
waiting for the Fed to announce its policy decision.

The world's largest central bank is expected to lower
interest rates for the third time this year as it looks to
soothe an economy bruised by the protracted trade war with
China.

UK Prime Minister Boris Johnson has won parliamentary
support for an election on Dec. 12 as he seeks to break
political deadlock after lawmakers forced his hand to delay to
Brexit.

The FTSE 100 has gained just 15% since the UK voted to leave
the EU in mid-2016, a far cry from the 50% rise for its Wall
Street counterpart, the Dow, and reflecting the cautious
view on UK equities while political uncertainty drags on.

The FTSE recorded a third month of losses for 2019 in
October, with exporter stocks knocked by a firmer pound as
no-deal Brexit fears abated.

GSK shares rose 2.5% to their highest in more than six years
after the company hiked its annual profit forecast with sales of
its shingles vaccine topping expectations.

Rival AstraZeneca was the biggest support to the
main bourse with a near 3% gain after agreeing to sell the
European rights for its schizophrenia drug to Cheplapharm.

Standard Chartered added 2.6% after a
forecast-beating rise in quarterly profit, even though it
flagged headwinds from a likely drop in global growth and lower
interest rates.

Next dropped 3% after the retailer said sales in
September were hit by unusually warm weather and small-cap
passport maker De La Rue plunged 20% to its lowest in
two decades after issuing another profit warning.

Among other midcaps, medical products maker ConvaTec
jumped 11% after quarterly revenue came in above market
expectations and Computacenter advanced 9% following
upbeat results for the last three months.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru;
Additional reporting by Safia Infant; Editing by Shounak
Dasgupta and Kirsten Donovan)