Karachi: The KSE-100 index experienced a notable decline, losing 813 points and closing at 118,878, with a trading volume of 496 million shares. Price changes highlighted PKGP, NATF, and EPCL as top performers, while POML, SYS, and KTML were the leading decliners. Market activity was primarily concentrated in the cement, investment companies, and technology sectors.

In related developments, the government approved a Rs1 trillion uplift budget, while inflation climbed to 3.5% in May. Meanwhile, serious discussions with Russia regarding steel mills continue, and the regulatory framework for digital and virtual assets is under review.

Additionally, the Prime Minister has ordered third-party validation of FBR reforms. The government is also taking steps to address unmet stock requirements, with oil marketing companies facing penalties for failing to maintain a 20-day stock.

The tobacco industry stands accused of misleading the government and the IMF for tax relief, and SNGPL is set to lay dedicated pipelines for industries. KE has shared its future outlook, with the MYT impact estimated at over Rs300 billion.