Karachi: The KSE-100 Index experienced a significant decline, losing 1,950 points to close at 122,144. The trading volume was high, with 967 million shares changing hands. The day's top gainers in terms of price change were BNWM, PKGP, and TPLRF1, while POML, PIOC, and INIL led the list of decliners. The trading activity was predominantly focused on investment companies, technology, and cement sectors.

In related economic developments, the government has raised petrol prices by Rs4.80 and diesel by Rs7.95, as it struggles to meet a petroleum levy target of Rs1,161 billion. This adjustment is part of broader financial measures, including a potential Rs77 per litre petroleum levy on furnace oil.

Meanwhile, the National Assembly's panel has approved an increase in cash withdrawal limits while rejecting a proposed online sales tax. The country's tax gap has reached Rs7.1 trillion, posing challenges for the government's fiscal policies. The Sindh budget, amounting to Rs45 trillion, has allocated Rs1.01 trillion for development projects.

The Federal Government has faced criticism from the Federation of Pakistan Chambers of Commerce and Industry for imposing an 18 percent tax on e-commerce transactions and solar panels. The Pakistan Business Forum has also expressed concerns about the absence of essential pro-business reforms in the budget.

Finance Minister Ishaq Dar has announced efforts to strengthen financial ties with Turkiye. In Khyber Pakhtunkhwa, a tax-free budget of Rs2.12 trillion has been unveiled.

The salaried class is expected to endure a tax load of Rs535 billion next year, despite a minor relief of Rs56 billion. The Central Development Working Party has approved eight development projects, including uplift packages for Karachi and Hyderabad.

Additionally, the government is set to sign TPPA agreements for Karachi Nuclear Power Plants K-2 and K-3. The President has given assent to the off-the-grid CPP levy bill, which aims to address energy challenges.

In foreign relations, Pakistan has avoided being placed back on the FATF grey list, while Prime Minister Shehbaz Sharif has urged for the finalization of the Electric Vehicles Policy 2025. Revised Power Purchase Agreements with wind power plants are expected soon.

Finally, Pakistan Petroleum Limited has finalized a production concession agreement for an offshore block in Abu Dhabi, marking a significant development in the energy sector.