Karachi: The KSE-100 Index witnessed a significant increase, gaining 2,106 points to close at 178,200, with trading volume reaching 781 million shares. The top performers in terms of price change included GADT, TPLRF1, and AHCL, while IBFL, MEHT, and HGFA were the main decliners. Trading activity was primarily focused on investment companies, refineries, and property sectors.

According to Taurus Securities Limited, the market's positive performance was part of a broader trend of recovery and investor interest in specific sectors. The press release from Taurus Securities highlighted a notable increase in refinery upliftment by 48 percent, driven by strong fuel demand. Additionally, the cement industry saw a year-over-year dispatch surge of 6.02 percent in July, while cotton production jumped by 32 percent, reflecting improved agricultural outputs.

In other economic developments, Finance Minister Dar extended an invitation to his Iranian counterpart for a visit to Pakistan as Islamabad hosted the 10th Pakistan-Iran Joint Trade Committee meeting. Meanwhile, the government announced a decrease in petrol and diesel prices, aligning with a 7 percent drop in global oil prices to a three-week low. The government is also seeking flexibility from the IMF in fuel pricing to mitigate oil price shocks, as stated by a government minister.

Other notable news includes the HBL Purchasing Managers’ Index indicating the strongest manufacturing expansion in four months, driven by domestic demand. Additionally, the government has executed agreements with pension fund managers and allocated gas to the private sector through Mari Energies, marking a series of strategic economic moves.