Stocks reached a new all-time high above 86,500 points on Wednesday as earnings season has reignited investor interest in index-heavy stocks, with positive sentiments stemming from the Shanghai Cooperation Organisation (SCO) summit and optimism for political stability.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged 673 points to touch 86,513 in intraday trade as of 10:41am, up from yesterday’s close of 85,840 points.Â
Ahsan Mehanti at Arif Habib Corporation, in conversation with Geo.tv, said that stocks rallied as investors considered reduced political uncertainty and economic gains from the SCO summit.
“A decline in bond yields and the government’s discussions about privatising state-owned enterprises contributed to the bullish activity in PSX,” Mehanti added.
This is a developing story and is being updated with more details.
