Stocks scale new high above 70,500

After a long Eid break, the stock market extended its record-breaking spree to a fifth session on the prevailing bullish sentiments stemming from Saudi investment prospects, propelling the benchmark KSE 100 index to close at a new all-time high above 70,500 on Monday. Ahsan Mehanti of Arif Habib Corporation attributed the market’s rally to speculations over the positive outcome of the visit by a Saudi delegation led by foreign minister to expedite the kingdom’s investment plans and bilateral trade. He said Finance Minister Muhammad Aurangzeb’s departure for Washington for talks on a new Extended Fund Facility on the sidelines of the IMF and World Bank’s spring meetings fuelled a buying spree, especially by foreign investors, contributing to the PSX’s bullish close.