Karachi: The KSE-100 Index experienced a significant surge, gaining 2,849 points to close at 168,490, with a robust trading volume of 1,569 million shares. The trading activity was predominantly focused on the banking, technology, and power sectors.

Top performers in terms of price change included PIBTL, ABL, and BOP. Conversely, SSOM, TPLRF1, and HUMNL were the day's top decliners.

In related news, Islamabad reiterated its stance on non-recognition of Israel, and a government delegation engaged in discussions with AJK protesters following a directive from the Prime Minister to investigate the situation. Additionally, the country's trade deficit widened by 46% in September.

The International Monetary Fund has broadened the scope of its discussions to include Reko Diq, while Pakistan continues to face the economic impact of recent floods, with losses amounting to Rs3,856 billion.

Other notable developments include the State Bank of Pakistan's foreign exchange reserves increasing by $21 million, reaching $14.4 billion, and a 16.25% year-on-year rise in Q1 cement dispatches to 12.61 million tons.

In the automotive sector, the Federal Board of Revenue has imposed a 40% regulatory duty on the commercial import of old cars, and refineries are set to export 130,000 tonnes of furnace oil in October. Furthermore, auto parts manufacturers have expressed opposition to the IMF's push for market liberalization.

Lastly, the Competition Commission of Pakistan has approved Systems Ltd.'s proposed acquisition of SAA Services, marking significant movement in the corporate sphere.