Stocks settle above 86,000 for first time

The stock market continued its record-breaking streak for the second straight session as investors picked shares in select sectors amid the peaceful holding of the Shanghai Coope­ration Organisation (SCO) summit on Wednesday, pushing the KSE 100 index to close the session above 86,000 for the first time. Ahsan Mehanti of Arif Habib Corporation stated that stocks closed at a record high during the earnings season rally at PSX, as investors weighed easing political noise and speculations over economic commitments in the summit. He added that a slump in bond yields and the government deliberation on privatising state-owned enterprises also fuelled bullish activity. Topline Securities Ltd said the bull run was fuelled by investor optimism following the successful summit, which heightened regional political and economic stability expectations, strengthening market confidence. This positive sentiment and robust corporate earnings ignited a broad-based rally across multiple sectors.