Stocks hit all-time high as focus turns to summit

Despite bea­­rish sentiment overnight, the stock market resumed its bullish trend on Tuesday as investors engaged in value-hunting, focusing on the Shanghai Cooperation Organisation (SCO) sum­mit, propelling the KSE 100 index to an all-time high, closing above 85,500. Ahsan Mehanti of Arif Habib Corporation said st­­o­cks closed bullish in the earnings season rally led by blue-chip scrips as inv­estors weigh strong earnings outlook and diploma­tic gains in the SCO summit. He said the easing political noise after PTI called off protests, rupee stability, and deliberations over CPEC Phase II played a catalyst role in a positive close. Topline Securities Ltd said the session witnessed a pullback in the fertiliser and exploration and production (E&P) sectors. How­­ever, investor enthusiasm remained high due to the ongoing SCO summit, with many anticipating new investment opportunities. Key contributors to the index included Mari Pet­roleum, Engro Fertiliser, Oil and Gas Development, Attock Refinery, and Fauji Fertiliser, which together added 425 points.