Karachi: The KSE-100 Index experienced a significant drop, shedding 3,668 points to close at 157,871. A total of 835 million shares were traded. The most notable price increases were seen in PGLC, KAPCO, and MEHT, while ISL, PABC, and YOUW saw declines. Investment companies, technology, and banks were the focal points of trading activity.

In other developments, tensions between Pakistan and Afghanistan escalated as Asif firmly rejected Kabul's condemnation, cautioning against potential cross-border actions. Meanwhile, a suicide blast in Islamabad resulted in 12 casualties and over 20 injuries. In response to the attacks in Islamabad and Khyber Pakhtunkhwa, the Prime Minister and President pledged to tackle foreign-backed terrorism.

Security forces successfully neutralized all attackers at Cadet College Wana and initiated landmine clearance operations. The Prime Minister is set to engage with CEOs of the top 20 global firms, while the IMF has begun scrutinizing budget data amid global financial constraints.

The Benami Transactions Act will not affect past transactions, and an amnesty scheme has been introduced. Criticism has arisen from industries and Nepra regarding a perceived complex and discriminatory power plan. Provinces have been urged to support efforts to meet meat export targets.

The auto industry expressed concerns over rising imports, despite car sales in Pakistan increasing by 46% in the first four months of the fiscal year 2025-26. In corporate news, FFC announced plans to acquire full ownership of its power subsidiary, FPCL, while a second shipment of US crude oil, totaling 1 million barrels, has arrived.