Karachi: The KSE-100 Index recorded a substantial decline, shedding 1,433 points to settle at 163,098, as trading volumes surged to 1,397 million shares. The session saw notable price changes with companies such as TC, PKGP, and PSX performing strongly, while PSEL, AICL, and TGL emerged as the top decliners. The day’s trading activity was predominantly focused on the Technology, Power, and Banking sectors.
In other developments, Prime Minister Shehbaz Sharif is set to embark on a visit to Egypt to attend the Sharm El-Sheikh Peace Summit. Additionally, he will be traveling to Saudi Arabia with the Chief of Army Staff on the 26th of this month.
Meanwhile, Finance Minister Aurangzeb has arrived in Washington for a six-day visit, during which he will participate in meetings with the International Monetary Fund (IMF) and the World Bank. The discussions have been described as 'productive,' with the IMF calling for enhanced anti-corruption measures within government entities.
In a statement to the National Assembly, Minister Aurangzeb reported a 27.2% increase in foreign direct investment, reaching USD 4.027 billion in the fiscal year 2025. Furthermore, the government has established the Pakistan Crypto Council to regulate the burgeoning digital currency market.
Prime Minister Shehbaz Sharif has also ordered an investigation into the misuse of power by regulatory authorities. In the energy sector, the Sui Northern Gas Pipelines Limited (SNGPL) has permitted a private company to sell gas directly to consumers.
The country's economic landscape presents a mixed picture with the Weekly Sensitive Price Indicator rising 4.34% year-on-year due to food price volatility, while a special Saudi Industrial Estate has been announced, offering a 10-year IT exemption.
Infrastructure development sees a boost as the Asian Infrastructure Investment Bank has approved a $235 million loan for a water project in Lahore. However, the industrial sector continues to grapple with inflated gas bills.
In the automotive sector, sales have surged by 67% year-on-year, indicating robust consumer demand. Conversely, the energy sector is undergoing a transformation, with concerns about potential losses from the Power Division's tariff revision plan.
The Karachi Electric (KE) has expressed apprehensions about a possible Rs100 billion loss, while the Kot Addu Power Company (KAPCO) has called upon the National Electric Power Regulatory Authority (Nepra) to review its recent tariff order.
The Pakistan National Shipping Corporation (PNSC) plans to augment its fleet by acquiring three new vessels, signaling an expansion strategy in the maritime sector.