Karachi: The KSE-100 Index recorded a significant downturn, losing 976 points to close at 185,543 with a trading volume of 1,421 million shares. The market saw notable price performance from companies such as AICL, SHFA, and PAEL, while ENGROH, YOUW, and MEBL emerged as top decliners. Trading activity was primarily concentrated in the Technology, Engineering, and Banking sectors.

In related economic developments, the government is considering adjustments to the KE consumer-end tariff in line with Nepra's fixation, amid concerns over transparency in investment steps. Meanwhile, the national foreign exchange reserves experienced a rise of USD 180 million, as reported.

In the energy sector, Qatar is likely to divert Pakistan's 24 LNG cargoes to Egypt by 2026, a move that could impact the country’s energy supplies. The government has also decided to allocate gas from the Mari field to fertilizer plants and set base prices for the upcoming 5G spectrum auction in dollars.

The Ministry of Finance has initiated pre-budget discussions with investors, while multinational firms have raised concerns about delayed refunds and requested a reduction in the super tax. Additionally, the Competition Commission of Pakistan (CCP) is set to investigate the cooking oil industry.

In the telecommunications sector, the Federal Board of Revenue (FBR) is drafting a plan to rationalize duties and taxes on mobile phone imports. Meanwhile, the Oil and Gas Regulatory Authority (Ogra) plans to revisit the gas pricing formula as part of market liberalization efforts.