Karachi: The KSE-100 Index witnessed a significant increase of 861 points, closing at 95,857 with a substantial trading volume of 830 million shares. The market's top performers in terms of price change included LOTCHEM, AGP, and SYS, while PSX, KOHC, and PAKT were among the top decliners. Trading activity was primarily concentrated in the Technology, Oil Marketing Companies (OMCs), and Refinery sectors.

According to Taurus Securities Limited, the market's positive momentum coincides with several pivotal economic developments. Notably, a $500 million loan agreement with the Asian Development Bank (ADB) was finalized, aiming to bolster Pakistan's climate resilience. In addition, Azerbaijan has been invited to participate in the drive for the sell-off of state-owned enterprises, and there has been a $35 million foreign outflow from T-bills over the past week. Furthermore, the government is pursuing strategies to reduce tax rates for formal sectors and has secured the approval of the Economic Coordination Committee (ECC) for a 'winter package.'

In other economic news, the government is seeking the International Monetary Fund's (IMF) approval for a Rs26 billion tax relief package to facilitate the privatization of Pakistan International Airlines (PIA). There is also an initiative by banks to obtain utilities' data to expand financing for electric vehicles (EVs) and small and medium enterprises (SMEs). Meanwhile, the rupee has depreciated for the second consecutive session in the interbank market.

In the energy sector, the Petroleum Division is advocating for the sale of 100 mmcfd gas to a third party, while the government has approached the Supreme Court regarding banks' resistance to an additional 15% income tax. Schlumberger has been selected for a study on tight gas evaluation. Additionally, Sui Northern Gas Pipelines Limited (SNGPL) has attributed Rs148 billion in receivables to the Central Power Purchasing Agency-Guarantee (CPPA-G).