Karachi: In a turbulent day for the stock market, the KSE-100 Index fell sharply by 831 points, closing at 79,842, with a significant trading volume of 495 million shares. The day saw UNITY, PSX, and PKGP leading in price gains, while AKBL, PAKT, and SCBPL were among the top decliners, with sectors like Technology, Power, and Investment Companies being the most active.

According to Turus Securities Limited, the market dynamics were influenced by a variety of local and global economic factors. Noteworthy in other news, the anticipated verdict on the SIC reserved seats case is expected today, and the ADB has highlighted factors contributing to a rise in remittances. Discussions are ongoing in Islamabad about a potential LNG pipeline deal with Moscow, and the government has decided to dissolve Pak-PWD. Additionally, there has been a hike in power tariffs affecting bulk, farm, and services consumers.

The first half of 2024 has seen a dramatic 92% drop in startup funding in Pakistan, totaling just $3 million. Amid economic challenges, flour mills are set to begin a strike today, and the government has secured a substantial Rs3.2 trillion in borrowing over the last 45 days. In the automotive sector, passenger car sales have shown a mixed trend with a 138% surge in June but a 16% decrease overall in FY24.

The partnership between Pakistan and the UK in the IT sector was also discussed, reflecting efforts to bolster economic ties. Meanwhile, exports to the US have declined, largely due to underperformance in the textile sector. In contrast, Sazgar’s auto rickshaw sales have seen a significant increase, tripling in June 2024.