Karachi: The KSE-100 Index witnessed a significant downturn yesterday, dropping by 1,732 points to close at 156,733. Trading volumes remained robust, with 847 million shares exchanging hands. Notably, SSOM, TPLRF1, and PABC emerged as the top performers in terms of price change, while THALL, BOP, and ENGROH were among the top decliners. The trading activity was mainly concentrated in the banking, technology, and cable sectors.

In related economic news, a range of developments have been reported. The International Monetary Fund has been assured of tax measures amounting to Rs200 billion, while discussions about potential increases in POL prices by up to Rs2.34 per litre from November 1 are underway.

Further afield, a ceasefire agreement has been reached between Pakistan and Afghanistan, and in domestic political developments, KP Chief Minister Afridi has selected his cabinet, with an oath-taking ceremony planned for later today.

Amidst these developments, the State Bank of Pakistan reported a modest increase in its foreign exchange reserves by $16 million, bringing the total to $14.47 billion. In parallel, the government's efforts to tighten car import regulations continue.

Additionally, the textile sector is regaining its momentum, and sugarcane output has seen a slight rise in the 2025-26 period, driven by increased cultivation in Punjab. Meanwhile, the Senate has been informed that the privatization of Pakistan International Airlines is expected to conclude by the end of the year.