Karachi: The KSE-100 index experienced a significant surge, gaining 1,573 points to close at 120,451, with 577 million shares traded. The top performers in terms of price changes were FABL, NATF, and PKGP, while POML, HALEON, and PABC saw declines. Trading activity was mainly concentrated in the power, banking, and technology sectors.

In separate developments, Pakistan's National Assembly and Senate will convene sessions on the Budget for 2025-26 on the 10th. Talks with the International Monetary Fund have reportedly been successful, yet the Ministry of Commerce has deemed the $60 billion export target by 2029 unachievable. A further sales tax of 4% is set to be abolished, providing some relief to businesses.

The Asian Development Bank has approved $800 million in financing for Pakistan, as Aurangzeb outlines the nation's digital financial initiatives. Meanwhile, the Islamabad High Court has halted the Federal Board of Revenue's tax recovery under the Tax Laws Ordinance, 2025.

Prime Minister seeks Turkish involvement in the operation of Gwadar Port. The All Pakistan Textile Mills Association is demanding the immediate removal of yarn and fabric from the Export Facilitation Scheme. Furthermore, the Competition Commission of Pakistan has fined the fertilizer sector Rs375 million for price-fixing, amid ongoing discussions with the IMF to drop the demand for a duty hike on fertilizers.

Despite robust export growth, cement sales have dipped by 1.94% over the past 11 months. The Oil Companies Advisory Council is seeking a Rs10 per litre increase in the Oil Marketing Companies' margin. Additionally, sweeping policy changes are planned in the auto sector.