PSX sets record on ‘good news’ from S. Arabia

Amid growing prospects of realising Saudi investment in diversified sectors, the stock market on Monday turned in another record-breaking session in Ramazan, tossing the KSE 100-share index to an all-time high, closing above 69,500, though the volume fell day-on-day. Ahsan Mehanti of Arif Habib Corporation told Dawn that Saudi Arabia’s commitment to fast-track the initial tranche of $5 billion investment in Pakistan boosted investor confidence, triggering a strong interest in blue-chip oil, banking, and pharma stocks as investors weigh deliberations over the $1 bn Saudi Reko Diq deal next month and Saudi oil-giant Aramco’s acquisition of stakes in Oil and Gas Development Company and Pakistan Petroleum Ltd. Reports suggest this commitment was reached at a meeting between Saudi Crown Prince Muhammad bin Salman and Prime Minister Shehbaz Sharif in Makkah on Sunday night.