Karachi: The KSE-100 index experienced a significant downturn yesterday, closing 659 points lower at 113,837, with a trading volume of 468 million shares. The day's trading saw notable performances in price changes from PKGP, YOUW, and PIBTL, while PGLC, EFUG, and PIBTL emerged as the top decliners. Trading activity was mainly concentrated in the Technology, Refinery, and Cement sectors.

According to a statement by Taurus Securities Limited, the market's performance was influenced by various factors including economic projections and international financial dynamics. The World Bank has projected a 2.8 percent growth boost, but also highlighted flaws in the Uraan plan. Additionally, the UAE confirmed a rollover of $2 billion in deposits, while the State Bank of Pakistan's forex reserves saw a $30 million rise, reaching $11.7 billion.

Meanwhile, Treasury bills attracted net foreign investment inflows amounting to $186 million, reflecting investor interest. In a separate development, the Pak-China forum discussed strategies aimed at enhancing the Golden Ring initiative. The trade body has called for investment in the mineral sector, highlighting economic opportunities.

Further, Aurangzeb extended an invitation to Japan to invest in key sectors, while the FPCCI advocated for a Free Trade Agreement with Bangladesh, which could potentially unlock $3 billion in trade. The cost of the Diamer-Bhasha Dam Project has reportedly increased by 119.21 percent. The Trade Policy Board announced it would waive a 10 percent regulatory duty on paper and paperboard beyond December 31, 2024, aligning with national priorities for a new energy vehicle policy.

In other developments, the Rice Exporters Association of Pakistan (REAP) and the Pakistan National Shipping Corporation (PNSC) have collaborated to enhance rice exports. Foreign firms are showing keen interest in Pakistan's oil market, and a team from KE met with government officials to address ongoing challenges.