Karachi: The KSE-100 Index experienced a significant decline yesterday, losing 834 points to close at 162,103, with a substantial trading volume of 767 million shares. The top performers in terms of price change included FATIMA, BOP, and TGL, while the major decliners were GHGL, KTML, and MLCF. Trading activity was primarily concentrated in the technology, banking, and investment sectors.
In other developments, Pakistan and Saudi Arabia are set to convene a business forum in January, aiming to bolster bilateral economic ties. Meanwhile, Pakistan and the European Union have committed to enhancing their strategic partnership during the 7th Brussels dialogue.
The International Monetary Fund has expressed concern over the current audit mechanisms in Pakistan, urging the establishment of an independent Auditor General's office. In a move to address fiscal challenges, the government has scheduled the inaugural National Finance Commission session for December 4.
The State Bank of Pakistan injected Rs2.17 trillion into the money market, while Prime Minister reiterated his commitment to reviving the country's industrial sector. The Afghan border closure, prompted by significant financial losses, and the lifting of a ban on gold trade following industry pressure, were also highlighted by officials.
In the international market, oil prices have decreased by 2 percent, reaching a one-month low. China announced plans to establish agricultural machinery plants in Punjab, enhancing agricultural productivity.
The US Export-Import Bank has pledged a $1.25 billion loan for the Reko Diq project, aiming to secure critical mineral supplies. Pakistan's cement export earnings have reached an 11-year high despite a decline in export volumes. Additionally, imports of car assembly kits surged by 123 percent, and over 0.5 million tonnes of furnace oil were exported.
The Ministry of Information Technology announced that a new internet cable is expected to improve connectivity within Pakistan, although the Petroleum Division expressed opposition to certain unspecified proposals.