Karachi: The KSE-100 Index experienced a significant rise, gaining 955 points to close at 163,949, with an impressive trading volume of 694 million shares. Key performers included SSGC, PABC, and SAZEW, while HCAR, POWER, and KOHC saw declines. The most active sectors were Oil Marketing Companies (OMCs), Technology, and Banks.

According to Taurus Securities Limited, the market's ascent occurs amidst a backdrop of rising oil prices, which surged by 6 percent. Additionally, the trade deficit has expanded to $32 billion over the past ten months, adding pressure to the economic landscape. Meanwhile, the State Bank of Pakistan injected over Rs4.6 trillion through Open Market Operations (OMOs) to manage liquidity.

In other economic developments, the Asian Development Bank (ADB) noted that security risks and external shocks continue to impact economic recovery. The government is set to engage with the ADB to scale up support under the Central Asia Regional Economic Cooperation (CAREC) program. Additionally, the International Monetary Fund (IMF) has called for the removal of powers held by the State Wealth Fund (SWF).

Business leaders have been actively discussing budget and taxation matters with Finance Minister Aurangzeb. The Federal Board of Revenue (FBR) has also convened an urgent meeting to address the revenue shortfall through new measures. Despite these challenges, the government maintains buffer stocks of over 800,000 tonnes of urea, and Petroleum Oil Lubricants (POL) stocks are expected to last until the third week of June.

The private sector is experiencing a lending slump, with a 22 percent decline, while gas utilities are seeking a substantial tariff hike ranging from 21 to 121 percent. Moreover, April's sales for OMCs have dropped by 6 percent month-over-month, though cement dispatches have increased by 11.14 percent year-over-year.

In corporate developments, Sitara Petroleum's Initial Public Offering (IPO) hit its Rs18.90 cap price within ten minutes of trading, and the Competition Commission of Pakistan (CCP) approved the acquisition of Rafhan Maize shares by a Nishat-led consortium. The government is also set to address a stalled $6 billion refinery upgrade project.