Karachi: The Karachi Stock Exchange's KSE-100 Index ended the week robustly, achieving a record close of 80,283 points on Thursday, with overall weekly gains tallying 1,767 points, a rise of 2.25%. This marks a notable week of bullish momentum for the market.

According to AKD Securities Limited, this week saw an increase in market participation, with average daily traded volumes rising by 23.8% to 440 million shares from the previous week's 355 million. Positive strides in discussions with the IMF were confirmed by the finance minister, focusing on the recently announced adjustments in electricity and gas tariffs set for July, which are likely leading towards a staff-level agreement. The Consumer Price Index for June stood at 12.57% year-on-year, aligning with market expectations. Meanwhile, the trade deficit for June was reported at $2.39 billion, contributing to a fiscal year deficit of $24.09 billion, down by 12% from the previous year.

Further economic data revealed a rise in the State Bank of Pakistan's foreign exchange reserves by $494 million, reaching a total of $9.39 billion. However, the Pakistani rupee showed a marginal decline against the dollar, closing the week slightly weaker at PkR278.38. On a brighter note, Pakistan's Oil Marketing Companies reported their highest sales in 19 months, totaling 1.45 million tons in June, although domestic cement sales dropped by 4.6% to 38.18 million tons for the fiscal year.

Additional updates included a government decision to shut down Pakistan Steel Mills (PSM), approval of a significant rise in Nepra's base electricity tariff, re-established contacts for talks between Pakistan and Afghan leaders, and promises of tariff relief from the power minister. In the markets, Investment Banks, Leasing Companies, and Commercial Banks were among the week's top performers, whereas sectors like Synthetic and Rayon and Textile Composite saw declines.