Karachi: The KSE-100 Index saw a significant uptick yesterday, closing up 998 points at 81,459, with a substantial trading volume of 458 million shares. Leading the charge in price performance were LCI, SHFA, and EFERT, while the sectors showing the most activity included Technology, Textile Spinning, and Power.

According to Taurus Securities Limited, the market also noted a downturn in certain stocks, with TRG, YOUW, and PIBTL listed as top decliners. This shift in the market dynamics highlights an active trading day with notable fluctuations across various industries. Additionally, the broader economic landscape saw developments such as Pakistan and Russia’s commitment to deepen economic ties, and the Prime Minister’s acknowledgment of China’s pivotal role in negotiations with the IMF. Furthermore, the State Bank of Pakistan reported a rise in forex reserves by $43 million to $9.5 billion.

Other significant updates included a slide in PIBs’ yields fueled by anticipation of a more substantial rate cut in the coming months, and amendments to SRO 1064 intended to enhance the effectiveness of the Tajir Dost Scheme. Financial forecasts estimate that external debt maturity from FY2025 to FY29 will exceed $100 billion. Despite these fiscal maneuvers, Pakistan remains behind in the global internet race. The domestic economic measures also encompass changes to sales tax laws on distribution and a noted 17.4% drop in power generation. Additionally, the basmati rice export sector faced challenges following competitive moves by India, with auto financing continuing its 26-month decline despite recent rate cuts.