Karachi: The KSE-100 Index experienced a significant downturn yesterday, plummeting by 1,286 points to close at 163,304. This decline came amid the trading of 1,038 million shares, reflecting a volatile day for investors in Pakistan's stock market.

The trading session saw LOTCHEM, PAKT, and SNGP emerge as top performers in terms of price change, while PKGP, KEL, and AMBL were the day’s major decliners. Market activity was predominantly focused on sectors such as Power, Technology, and Investment Companies.

In other developments, Prime Minister Shehbaz Sharif is set to lead a high-level delegation to Riyadh from October 27 to 29 to engage in investment talks. This visit aims to strengthen economic ties and explore new avenues for collaboration.

Meanwhile, in domestic policy, Prime Minister Shehbaz announced the reopening of new gas connections for domestic consumers, a move that could potentially alleviate public concerns over energy shortages.

On the agricultural front, the government has set the Rabi wheat target at 30 million tonnes, a critical measure for ensuring food security amid ongoing crop losses that have been contributing to rising inflation, as highlighted in discussions with the Economic Coordination Committee (ECC).

The textile and poultry sectors received assurances of tax relief and support from the government, reflecting efforts to bolster critical industries. Additionally, Tehran has expressed interest in enhancing maritime connectivity with Pakistan.

Economic challenges persist, with the ECC noting the impact of cotton production dropping by 34 percent and deferring decisions on used car imports. The government has also limited the Federal Board of Revenue (FBR) to tax collection, removing its policy role in accordance with International Monetary Fund (IMF) conditions.

Lastly, the Murree Brewery has been granted permission to export its beer products, marking an expansion of Pakistan's export portfolio in the beverage sector.