Karachi: The KSE-100 index witnessed a substantial decline as it shed 882 points, closing at 118,221, with a trading volume of 634 million shares. The market noted significant price changes with K-Electric Limited (KEL), Pakistan Services Limited (PSEL), and Attock Refinery Limited (ATRL) experiencing top performance in gains. Conversely, Gadoon Textile Mills Limited (GADT), Pakistan Oilfields Limited (POML), and TPL Properties Limited (TPLRF1) were among the top decliners.
The trading activity was heavily concentrated within the Food, Technology, and Chemical sectors, reflecting a mixed sentiment among investors.
In broader economic news, Prime Minister expressed Pakistan's readiness to engage in talks with India, indicating a potential shift in diplomatic relations. Meanwhile, the International Monetary Fund has expressed disagreements with Pakistan over key economic targets and subsidies.
On the trade front, the Prime Minister announced plans to increase trade with Iran to $10 billion, while the potential for elevated defence spending was also noted, although decisions on salaries remain pending.
Additionally, foreign investors pulled a net amount of $42 million from treasury bills, highlighting underlying economic challenges. The State Bank of Pakistan's foreign exchange intervention for February stood at $223 million.
In fiscal developments, the Benazir Income Support Programme allocation is set to rise by 20% to Rs716 billion in the upcoming budget. Petroleum exports have surged by 118%, and the Asian Infrastructure Investment Bank has approved $240 million for water and sewerage infrastructure projects.
The power sector is nearing completion of its financing, with petroleum debt recorded at Rs2.7 trillion. Discussions on provincializing or selling off distribution companies (Discos) continue, alongside talks of reducing the Federal Excise Duty on beverages.
In corporate news, Maple Leaf Foods has approved a corporate restructuring and reorganization plan, indicating strategic shifts within the company's operations.