Karachi: The KSE-100 Index experienced a decline of 255 points, closing at 176,592, with a trading volume of 653 million shares yesterday. The market activity was predominantly focused on the refinery, technology, and investment sectors, with PGLC, SAZEW, and MEHT showing the top performance by price change. Conversely, CNERGY, ISL, and FATIMA emerged as the top decliners.

According to Taurus Securities Limited, the market's performance comes amidst various economic developments and geopolitical tensions. The United States has announced the imposition of what it describes as the 'toughest sanctions in history' on Iran, which Iran has labeled as 'economic terrorism.' These sanctions have contributed to a rise in oil prices for the second consecutive week, as the ongoing US-Iran tensions continue to affect supply dynamics.

Meanwhile, in domestic developments, PTI founder Imran Khan returned to Adiala following a Supreme Court-ordered medical check-up. Prime Minister has renewed his invitation to PTI for talks, while JI has warned of nationwide protests if the petroleum levy is not abolished. Additionally, the State Bank of Pakistan reported a $25 million increase in forex reserves, bringing the total to $17.08 billion as of August 13. Amid these developments, the government has raised diesel and petrol prices slightly, and there are ongoing efforts to secure an LNG cargo from Qatar by August 25-26 due to rising spot prices.

Furthermore, the country is leveraging BRI financing to present a $4.85 billion climate investment plan and is set to deepen agricultural and food trade cooperation with Saudi Arabia. The SBP has extended the housing loan tenor to 30 years, and the fisheries policy is expected to unlock up to $10 billion in potential. In the energy sector, refineries are expected to sign upgrade deals within 10 days, and a new SPV is to be established for the privatization of three Distribution Companies (Discos). Lastly, the BAHL Board has approved discussions to make AHCML a wholly-owned subsidiary.