Karachi: The KSE-100 Index lost 178 points, closing at 81,114, with 297 million shares traded. The top gainers by price change were Mari Petroleum, National Bank of Pakistan (NBP), and NCPL, while the largest declines were seen in International Industries Limited (INIL), TRG Pakistan, and Rafhan Maize Products (RMPL). Trading activity was concentrated primarily in the investment banks, technology, and power sectors.

According to Taurus Securities Limited, the broader market saw developments on multiple fronts. The Asian Development Bank (ADB) initiated a mission to accelerate project reforms, while the government moved forward with plans to privatize additional federal entities. Pakistan’s GDP grew by 2.52% in the last fiscal year, and the Center is expected to sign a National Fiscal Pact with provinces aimed at bridging financing gaps and expanding the tax net. Additionally, the Federal Board of Revenue (FBR) reported a Rs96 billion revenue shortfall in the first quarter, extending the income tax return filing deadline to October 14.

In other developments, the government repurchased Rs351 billion in treasury bills and reduced petrol and diesel prices amid ongoing relief efforts. LPG prices saw a significant rise, and discussions are underway to reduce RLNG tariffs by $2 per mmBtu. The National Accounts Committee (NAC) reported a 6.76% growth in agriculture during Q4FY24, while Hubco announced plans to produce 50,000 electric vehicles annually.