Karachi: The KSE-100 Index experienced a significant decline, losing 1,371 points to close at 168,022, with a trading volume of 354 million shares. Key performers in terms of price change included IBFL, AICL, and SSOM, while NBP, GAL, and PSX were the main decliners. The trading activity was primarily concentrated in the technology, refinery, and banking sectors.

According to Taurus Securities Limited, the market's downturn comes amid a backdrop of various global and regional developments, including talks between former President Trump and Gulf leaders, ongoing conflicts near the Saudi-Yemeni border, and international oil price fluctuations. Additionally, domestic economic indicators showed mixed trends, with a shrinking current account deficit, increased remittances, and a rise in foreign direct investment, alongside a hike in local fuel prices.

The press release from Taurus Securities also highlighted the broader economic landscape, noting government initiatives like a planned Rs200 billion power upgrade and efforts to introduce a virtual grid system. Meanwhile, trade relations with China saw a boost with a 45% increase in exports during July and August. Despite these developments, the petroleum dealers' association's refusal to implement a petrol relief package adds to the challenges facing the economic sector.