KARACHI: The KSE-100 Index witnessed a significant decline yesterday, losing 1,525 points to close at 168,954, with a substantial trading volume of 653 million shares. The market saw notable performance changes in PSEL, JVDC, and PSX, while PGLC, KTML, and PTC emerged as top decliners. Trading activity was primarily concentrated in the technology, property, and investment company sectors.

According to Taurus Securities Limited, the market's performance came amid a broader economic context marked by discussions on upcoming fiscal policies and potential taxation measures. The Federal Budget, anticipated to be announced on June 12th, could introduce Rs1 trillion in measures, with reports indicating plans to tax cryptocurrencies. Additionally, the Tariff Policy Board's approval of the second-year tariff rationalization plan and the government's deliberations on easing asset transfer curbs are expected to influence market dynamics.

The market's decline also occurs as Pakistan navigates various economic challenges, including the proposed Rs20 billion allocation for the M-6 project under the Public Sector Development Program (PSDP) and ongoing reviews of policies to accelerate electric vehicle adoption. Meanwhile, developments such as the completion of Pakistan's first 1,500-tonne VLSFO bunkering operation at Karachi Port and the potential impact of halted Pak-Iran border trade on LPG supplies are among the key factors shaping the economic landscape.