Karachi: The KSE-100 Index experienced a significant decline, losing 3,079 points to close at 168,865, with 624 million shares traded. The top performers in terms of price change were PSEL, ATLH, and KOHC, while SSGC, KTML, and PIBTL were the top decliners. Trading activity was primarily concentrated in the refinery, technology, and miscellaneous sectors.

According to Taurus Securities Limited, the decline in the stock market coincided with rising oil prices, as both Brent and US crude surpassed $100 per barrel following increased tanker attacks by Yemen's Houthi forces on Saudi Arabia. This geopolitical tension has led to concerns over shipping routes, particularly near the Bab el-Mandeb Strait, a critical maritime chokepoint.

In other developments, Pakistan's central bank reported a rise in foreign exchange reserves by $1.21 billion, reaching $18.33 billion, following loan proceeds. Meanwhile, the government raised petrol and diesel prices, and the Federal Board of Revenue received 2.2 million income tax returns. Additionally, Pakistan's trade with the United States crossed the $10 billion mark, reflecting a push for stronger investment ties.

The finance ministry announced that a UK investor is considering expanding into Pakistan as part of a $2 billion Asia-Africa strategy. In the energy sector, Pakistan received a crucial LNG shipment from Qatar, and the government is examining a proposal to cut the refining margin cap on high-speed diesel to $30.