Karachi: The KSE-100 Index experienced a significant decline, losing 1,576 points to close at 171,579, with a trading volume of 1,052 million shares. The stocks that showed the most positive price changes were YOUW, BNWM, and BAHL, while the top decliners included SAZEW, DGKC, and GHNI. The trading activity was predominantly focused on the Foods, Refinery, and Engineering sectors.

According to Taurus Securities Limited, the market's downturn coincides with broader regional economic challenges and ongoing geopolitical tensions. The announcement highlighted concerns about oil prices, which edged lower due to stalled US-Iran talks and continued disruptions in shipping through the Strait of Hormuz. Additionally, Pakistan's efforts to construct a strategic oil buffer are underway, reflecting an attempt to stabilize the country's energy sector amid global uncertainties.

In related economic news, inflation in Pakistan is anticipated to remain in double digits for April, and recent measures by the State Bank of Pakistan to curb dollar demand appear to have had limited impact. Meanwhile, the Board of Investment is intensifying its outreach to investors in the UK, aiming to attract foreign investments despite existing macroeconomic challenges.

The press release also reported ongoing issues within Pakistan's energy sector, where NEPRA has introduced new amendments to net metering rules, and there are concerns over exorbitant power purchase rates by distribution companies outside the national grid. Attock Refinery has shut down its main crude unit due to traffic restrictions in Islamabad affecting supply chains, adding to the complexities faced by the energy market.