Karachi: The KSE-100 Index experienced a significant downturn, shedding 1,581 points to close at 176,043, with a trading volume of 571 million shares. The index saw notable price movements, with FFC, GHGL, and INDU leading in performance, while KTML, PIOC, and MEHT emerged as the top decliners. Trading activity was predominantly concentrated in the Technology, Refinery, and Investment Companies sectors.

According to Taurus Securities Limited, the market's performance reflects broader economic concerns and sector-specific developments. Among the notable news, oil prices surged by 7 percent, while the Federal Reserve opted to hold interest rates steady, despite dissent from three policymakers who favored a rate hike. Additionally, geopolitical tensions were highlighted by a surprise missile attack launched by Iran on U.S. forces and the subsequent US-Saudi strikes on Iran-backed targets in Iraq.

In other economic developments, Saudi Arabia extended a $5 billion financial rollover for three years, as confirmed by the governor of the State Bank of Pakistan. Meanwhile, the Pakistani government hinted at a new power tariff package in response to a decrease in demand, and the Economic Coordination Committee approved the urgent import of 1 million tonnes of wheat. The Balochistan cabinet also greenlit a $14 billion gas terminal project in Gwadar, signaling ongoing infrastructure investments in the region.