Stocks begin flirting with 81,000 level

The stock market continued its record-setting spree on Tuesday amid growing optimism about reaching a Staff-Level Agreement with the International Monetary Fund (IMF) soon, propelling the index to a new peak above 81,000 intraday. Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high amid speculation in the earnings season at PSX. This was led by selected oil and banking scrips, with expectations of high dividend payouts. He said investor expectations for a resolution to the $15 billion China energy debt restructuring ahead of the IMF’s new bailout deal and government deliberations over privatising ailing state-owned enterprises contributed to the bullish close.