Karachi: The KSE-100 Index experienced a notable decline, losing 292 points to close at 161,692, with a trading volume of 589 million shares. The day's market activity was primarily driven by the technology, banks, and investment companies sectors.

The top performers, based on price change, included KTML, PTC, and SRVI. Conversely, ISL, INIL, and UNITY were the leading decliners. The fluctuations in the market reflect broader economic challenges and sector-specific developments.

In related economic news, the International Monetary Fund (IMF) criticized the country's fiscal mismanagement while recognizing the Competition Commission of Pakistan's significant progress.

The oil and gas sector continues to draw attention. The Prime Minister urged the Azeri company SOCAR to explore investment opportunities, as the petroleum levy reached a record high of Rs1.04 trillion in the first nine months. Meanwhile, the gas sector's circular debt has escalated to Rs2.6 trillion.

The government is also working to reduce power tariffs amidst a rise in unemployment, with four million more jobless in the past four years.

Regional tensions have surfaced over the telemetry project between Sindh and Balochistan, while a planned refinery upgrade faces new challenges. Barrick remains committed to the Reko Diq copper project, as stated by the interim CEO.

In the technology sector, mobile phone production has dropped by 34 percent. The cabinet has directed the ministry to draft a new mechanism to ensure fertilizer price stability.

In corporate news, FCCL and KAPCO have sought a 90-day extension for their acquisition offer of Attock Cement. Additionally, OGDC has received a Rs7.73 billion interest payment, marking the fifth installment in its circular debt plan.