Karachi: The KSE-100 Index experienced a significant downturn, losing 1,433 points to close at 166,259, with a total of 682 million shares traded. The day's trading saw notable price changes in SSOM, PABC, and BNWM, while GADT, PKGP, and UNITY emerged as the top decliners. The activity was predominantly concentrated in the power, technology, and banking sectors.

According to Taurus Securities Limited, the market's performance came amid a backdrop of various developments and announcements. Notably, the State Bank of Pakistan has reportedly purchased over USD 11 billion in the past 18 months, contributing to a buffer boost. Meanwhile, the country has witnessed a steady inflow of foreign investment, although the status of a $2 billion rollover remains unclear.

In other developments, the Pakistan Governance Forum commenced, and the Economic Coordination Committee approved the sale of 0.5 million metric tons of wheat on a FIFO basis. Additionally, efforts to bolster infrastructure and other sectors are ongoing, with the SMEDA launching a 70 percent grant for SMEs. The telecom industry is also advancing, as Pakistan's 5G auction reaches its final stage, with telecom companies depositing $15 million each.

Further reports indicate that pharmaceutical firms are introducing advanced medications targeting diabetes and obesity, while Jahangir Tareen's JDW Sugar plans to establish a unit in the UAE. The Prime Minister has approved the National Logistics Cell's acquisition of a 30 percent stake in the Pakistan National Shipping Corporation, and the Oil and Gas Development Company has affirmed that the Reko Diq development is progressing as planned.