Karachi: The KSE-100 Index experienced a downturn as it shed 119 points, closing at 161,984. A total of 489 million shares were traded in the session. The most significant gains in price change were noted in PIOC, UNITY, and CPHL, while the top decliners included KTML, ISL, and POL. Trading activity was predominantly focused on investment companies, technology, and banking sectors.

In other economic developments, Iran's official, Larijani, arrived in Islamabad with the aim of strengthening bilateral ties. Meanwhile, the Oil and Gas Regulatory Authority (OGRA) has determined a 7 percent increase in gas prices. In an effort to enhance trade, the government has scrapped a 25 percent Export Development Surcharge (EDS) on exports.

A proposal for formal cooperation between the Pakistan National Shipping Corporation (PNSC) and Bangladesh Shipping Corporation (BSC) was also put forward, as currency in circulation has reached Rs10.96 trillion. The government is pursuing a multi-front approach to stabilize the economy, cut costs, and spur growth, with state-owned enterprises (SOEs) listed for sell-off.

Additionally, the trade deficit is on the rise as a decline in exports hampers economic reform efforts. A flood protection plan worth Rs824 billion has been sent to the Council of Common Interests (CCI) for approval. New industrial policy measures aim to reduce and eliminate certain taxes to bolster economic performance.

OGRA has approved Rs6.1 billion for new domestic gas connections, while sugar prices have increased following governmental restrictions on local supplies. Pakistan is also seeking to purchase 100,000 tonnes of rice to supply Bangladesh.

The Pakistan Pharmaceutical Manufacturers Association (PPMA) has identified critical reasons behind the closure of top pharmaceutical firms' businesses. Meanwhile, Pakistan Petroleum Limited (PPL) has completed a workover at the Adam West X-1 ST well in the Hala Block, signaling ongoing efforts to boost domestic energy production.