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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.