Stocks hit a new all-time high above 86,500 on Wednesday, as earnings season reignited investor interest in index-heavy stocks, with positive sentiment stemming from the Shanghai Cooperation Organization (SCO) summit and optimism about political stability.
The Pakistan Stock Exchange (PSX) KSE-100 index rose 673 points to 86,513 points in intraday trade as of 10:41 am, up from yesterday’s close of 85,840 points.
Ehsan Mahanti from Arif Habib Company, in a conversation with Geo.tvHe said stocks rose as investors viewed reduced political uncertainty and economic gains from the Shanghai Cooperation Organization summit.
“Low bond yields and government discussions on privatization of state-owned enterprises have contributed to the bullish activity in PSX stock,” Mahanti added.
This is a developing story and will be updated with more details.