Karachi: The KSE-100 Index experienced a downturn yesterday, losing 200 points to close at 176,967, with a substantial trading volume of 930 million shares. The top performers in terms of price change were POWER, MLCF, and DGKC, while the biggest decliners included PGLC, SRVI, and TRG. Most of the trading activity was concentrated in the Refinery, Miscellaneous, and Oil Marketing Companies (OMCs) sectors.

According to a press release from Taurus Securities Limited, the market's decline coincided with a drop in oil prices by more than $2, amid discussions between the CDF and Iranian leadership on de-escalation and the reopening of the Strait of Hormuz. Additionally, the Pentagon chief stated that the administration is not ruling out the use of military force against Iran, further influencing market sentiments.

In domestic economic news, the government increased petrol prices by Re0.39 and diesel by Rs2.40 per liter. Meanwhile, the government failed to maintain quorum in the National Assembly as the Pakistan Peoples Party (PPP) stayed away. Despite these challenges, Prime Minister Imran Khan welcomed rising investment interest from Qatar and Moody's recent upgrade.

Other notable developments include the Economic Coordination Committee's (ECC) approval for foreign petroleum storage and re-export, and the State Bank of Pakistan's introduction of a time-bound, risk-based mechanism for sales tax registration. Pakistan's local mobile phone manufacturing saw a 9% year-on-year increase in July, meeting 97% of domestic demand. In the agricultural sector, farmers are demanding a wheat price of Rs4,702 to prevent a projected shortfall of 3 million tonnes.