Karachi: The KSE-100 index experienced a significant uptick yesterday, gaining 1,278 points to close at 118,576. The market saw robust activity with 680 million shares traded, as investors showed heightened interest in sectors like Power, Food, and Technology.

Leading the charge in terms of price change were SEARL, PPL, and FCEPL, while KEL, EFUG, and POL emerged as the top decliners. The session was marked by concentrated trading in specific sectors, reflecting investor confidence and strategic positioning.

In related developments, the international landscape was marked by diplomatic tensions and economic negotiations. The United States is urging Pakistan and India to resume direct talks following an appeal for ceasefire adherence, while Pakistan has rejected recent assertions by India's Prime Minister Modi.

On the economic front, Pakistan has commenced discussions with the International Monetary Fund (IMF) today. Domestically, the government is implementing targeted power subsidies under the Benazir Income Support Programme (BISP) as part of its economic strategy.

Prime Minister has ordered action against certain individuals and sectors, with expectations of a decrease in petrol prices and potential relief for Karachi Electric subscribers. Meanwhile, exports to North America have seen a rise, offering a positive outlook amid reports of a 5% decline in auto sales in April.

In industrial developments, Pakistan and Russia are set to collaborate on establishing a steel mill in Karachi, indicating growing bilateral economic ties. The government is also taking steps to digitally monitor fuel supply in an effort to curb smuggling, further strengthening its economic governance measures.