Karachi: The KSE-100 Index experienced a significant downturn, shedding 2,288 points to settle at 165,867 amidst a trading volume of 439 million shares. The market activity was notably concentrated in investment companies, technology, and refinery sectors. POL, TGL, and HINOON emerged as the top performers in terms of price change, while CPHL, PSX, and PIBTL were the top decliners.

According to Taurus Securities Limited, the market's volatility reflects broader economic and geopolitical developments. The news snapshot highlighted several key issues, including Yemen's Houthis targeting Saudi airports and an Aramco refinery, the Yemeni government regaining control of Bab el-Mandeb, and discussions in Moscow where Pakistan reiterated its commitment to action against militant bases in Afghanistan. Additionally, oil prices experienced a decrease of approximately USD2, while Saudi Aramco's chief expressed concerns over global oil stockpiles being "scarily thin."

The economic landscape is further complicated by ongoing IMF talks, which are expected to pave the way for a $1.2 billion disbursement. Domestically, the government has adjusted fuel prices, hiked petrol by Re0.88, and reduced diesel by Rs1.88 per litre. Moreover, the Prime Minister has approved measures to enhance livestock exports, inaugurating the Thar Coal Phase-III expansion project among other initiatives aimed at economic strengthening.