Islamabad: The Karachi Stock Exchange’s KSE-100 index fell dramatically by 1,320 points yesterday, closing at 88,967, with significant trading activity involving 546 million shares. The market movements highlighted fluctuations across various sectors including banking, power, and technology.

According to Taurus Securities Limited, top performers based on price changes included PGLC, KAPCO, and BOP, while the most significant declines were seen in EFUG, KOHC, and NBP. This variation underscores the ongoing volatility in the Pakistani stock market, reflecting broader economic sentiments and specific industry dynamics.

In other economic news, the International Monetary Fund (IMF) has revised Pakistan’s inflation forecast downward to 9.5%, and the State Bank of Pakistan’s (SBP) reserves have seen an increase of $116 million, reaching $11.16 billion. The SBP is scheduled to announce its policy rate on November 4, amid speculation about potential rate changes due to varying economic indicators.

The fiscal quarter ended with a budget balance of Rs1.696 trillion, and the government’s recent actions include raising petrol and high-speed diesel prices by Rs1.35 and Rs3.85 per liter, respectively. Additionally, Prime Minister held trade and investment talks with Qatar’s emir and counterpart, signaling efforts to strengthen economic ties.

The government’s plan to convert power plants to coal and the approval for electric vehicle (EV) charging stations on motorways reflect strategic shifts towards alternative energy. However, the National Electric Power Regulatory Authority (NEPRA) faces public backlash over Karachi Electric’s license renewal amid rising costs.

In the corporate sphere, HUBCO announced plans to establish an EV charging network across Pakistan, and Shell Pakistan’s rebranding to Wafi Energy Pakistan marks a significant shift in the energy sector. Conversely, the textile industry faces challenges as Janana De Malucho Textiles shuts down operations due to rising costs and a cotton shortage.