Karachi: The KSE-100 Index experienced a significant rise, gaining 4,640 points to close at 177,040, with a trading volume of 981 million shares. The day's top performers by price change included PSX, TGL, and GAL, while TRG, THALL, and UPFL saw declines. Trading was predominantly concentrated in the Cement, Technology, and Banking sectors.

According to Taurus Securities Limited, the market's activity comes amidst a backdrop of various economic developments, including the State Bank of Pakistan's decision to maintain the key policy rate at 11.5 percent and ongoing IMF discussions. The IMF has cautioned that energy recovery may take time following a recent ceasefire. Meanwhile, Pakistan's fiscal outlook is reportedly improving, with stability measures gaining traction.

In other economic news, oil prices fell to a three-month low, and Pakistan anticipates an increase in foreign exchange reserves to $18 billion. The government, however, has refrained from divulging specific figures regarding tax relief amid IMF negotiations. Additionally, Karachi Port has recorded the highest number of ship arrivals in eight years, and a new fixed tax scheme is set to commence on July 1.

The Large Scale Manufacturing sector posted a 6.44 percent year-on-year growth from July to April, while mutual fund assets under management rose to Rs4.5 trillion, with equities gaining 7 percent. The power sector's circular debt flow has hit Rs1.86 trillion, and Pioneer Cement has transitioned to full solar energy with a new 28MW plant. Waves Home Appliances has resumed air-conditioner assembly and sales after halting operations in 2022.