Karachi: The Karachi Stock Exchange’s benchmark KSE-100 index experienced a significant downturn, losing 1,142 points to close at 77,084, with a substantial trading volume of 501 million shares. The decline in the index was accompanied by notable activity across various sectors including textiles, technology, and foods, reflecting broader market volatility and investor concerns.
According to Turus Securities Limited, the most significant gains in share prices were observed in YOUW, PKGP, and FCEPL, whereas the biggest declines were seen in AKBL, AICL, and CNERGY. This movement underscores the uneven impact of current market conditions across different industries.
In related news, a snapshot of key developments includes the formation of a new task force by the Prime Minister to address energy issues, urging the Supreme Court to halt payments to Independent Power Producers, and efforts by the Ministry of Finance to align state-owned enterprises’ laws with global standards. The Securities and Exchange Commission of Pakistan registered a record 2,864 new companies in July, indicating potential growth in the corporate sector despite prevailing economic challenges.
Other significant news includes the government deferring the privatization of National Bank of Pakistan, temporary production halts by Indus Motor due to low inventory levels, and partnerships aimed at expanding new energy vehicle (NEV) production in collaboration with China’s BYD and Mega Motor. Additionally, mobile phone manufacturing in Pakistan surpassed 4 million units in June, and oil prices have risen sharply due to escalating tensions in the Middle East, further influencing market sentiments.