Karachi: The KSE-100 Index experienced a significant decline, losing 994 points to close at 172,642, with a substantial volume of 715 million shares traded. The market saw notable performances in companies like PSEL, CNERGY, and HGFA, while TRG, GHNI, and SCBPL were the top decliners. Trading activity was primarily concentrated in sectors such as Technology, Refinery, and Investment Companies.

According to Taurus Securities Limited, the market's downturn coincided with rising oil prices, which reached a six-week high. This surge in oil prices is partly attributed to recent geopolitical tensions, including Houthi attacks that wounded 73 individuals and disrupted Saudi energy facilities. The situation prompted a stern response from Riyadh, heightening concerns about potential further strikes within the kingdom.

In related developments, the Pakistani government is grappling with various economic issues. The Sindh Assembly has passed a resolution against the petroleum levy, and the JI has set a deadline for its withdrawal. Meanwhile, the federal cabinet has approved the National Housing Policy-2025, and the Prime Minister has sought input from the business community on boosting exports.

Additionally, the Pakistani economy has been described as more resilient to external shocks by Moody's, despite the recent volatility in the market. The country's exchange companies have reported a 30 percent increase in dollar sales, reflecting heightened activity in the currency market.

As the economic landscape continues to evolve, stakeholders are closely monitoring developments, including the upcoming Monetary Policy Committee meeting and ongoing discussions regarding the restructuring of the auto sector.