Karachi: The KSE-100 Index experienced a significant decline on Thursday, dropping 666 points to close at 113,862, with a trading volume of 640 million shares. The market activity was primarily concentrated in the refinery, cement, and food sectors.

According to a statement by Taurus Securities Limited, notable performers based on price change included PKGP, CNERGY, and TGL. Conversely, PGLC, KTML, and JVDC were among the top decliners during the trading session.

In related developments, an IMF team is scheduled to visit Pakistan next week, as confirmed by Foreign Minister Aurangzeb. Additionally, the Abu Dhabi crown prince is set to embark on his inaugural visit to the country today, signaling strengthening ties between the two nations.

Furthermore, Pakistan and Uzbekistan are eyeing a boost in bilateral trade, aiming for a target of $2 billion. Meanwhile, the government has successfully raised Rs2.25 trillion through Sukuk auctions since December 2023, demonstrating a strong financial strategy.

These economic activities come as the International Monetary Fund urges Pakistan to prioritize climate adaptation to enhance disaster resilience. The government is also set to revise national savings profit rates, effective from February 25, and proposes an allocation of Rs392.5 billion for in-house projects under the Public Sector Development Programme (PSDP).

In the energy sector, plans are underway to replace oil-based power plants with coal-based units within the next three years, with the Thar coal railway line to Port Qasim expected to be completed by December 2025. Discussions are also ongoing between Pakistan and Russia regarding the establishment of new steel mills.

Additionally, Japanese car manufacturers have raised concerns over delays in tax refunds, while KPOGCL and a consortium have signed an exploration agreement for the Miran Block, indicating potential growth in the energy sector.