Karachi: The KSE-100 Index experienced a significant decline, losing 1,332 points to close at 168,637 with a trading volume of 546 million shares. This decline marks a notable shift in the market, with performance variations seen across different companies and sectors. The top gainers in terms of price change included SSOM, PGLC, and IBFL, while NCPL, NPL, and JVDC were the top decliners. Trading activity was heavily concentrated in the Textile Composite, Investment Companies, and Technology sectors.
According to Taurus Securities Limited, this market movement reflects broader economic and geopolitical developments. In other news, Pakistan clarified its stance on U.S. sanctions on Iran, while a tanker attack in the Strait of Hormuz was reported by a UK maritime agency. Meanwhile, the Saudi-led coalition claimed to have intercepted a Houthi missile targeting Khamis Mushait. Chinese refiners have suspended October fuel exports, and oil prices have surged by 4 percent. Additionally, the dollar reached a 17-month high as a global bond rout impacted the euro.
In domestic economic news, inflation eased to 10.3 percent in September due to cooling food prices, while the government adjusted fuel prices, increasing petrol by Rs3.26 and decreasing diesel by Rs1.01 per liter. A government fuel scheme has benefited over 7.5 million citizens, and the Prime Minister has pledged to pass economic stability benefits to the people. Pakistan aims for a B+ sovereign credit rating by September 2027, and the government raised National Savings profit rates by up to 74 basis points. The State Bank of Pakistan's foreign exchange reserves rose by $39 million to $21.44 billion, although public debt increased by 7 percent to Rs86.7 trillion in FY26.
The Federal Board of Revenue plans to launch retailer market and shop mapping under the Asaan tax scheme. Disruptions in LNG supply threaten industrial impact, and the IMF has praised Pakistan's handling of the oil crisis while urging gas sector reforms. The government and IMF have agreed to make power subsidies more targeted, and a National Assembly body is seeking a Rs5,000 wheat support price for the Rabi season. Plans are in place to procure at least 25-26 LNG cargoes to meet winter gas demand, and Karachi port terminal is expanding its capacity. The new Aptma chief aims for a $10 billion export increase over three years, and refineries have contributed around Rs22 billion to the government's diesel price relief since August 20. PAMA is seeking an auto policy draft before the Prime Minister's approval.