Karachi: The KSE-100 index closed yesterday down by 85 points, ending at 77,746, with trading volumes reaching 380 million shares. The market’s movements were predominantly felt in the Textile Spinning, Technology, and Textile Weaving sectors, indicating a targeted interest and activity within these industries.

According to Turus Securities Limited, the performance leaders in terms of price were YOUW, NBP, and PTC, while KTML, CEPB, and ISL faced the steepest declines. This sector-specific activity comes amid several macroeconomic and sector-related developments reported across the country.

Significant news affecting the market includes the Prime Minister’s advice to provinces to announce power relief measures and the decision to keep gas tariffs unchanged for three months, as stated by Musadik Malik. Additionally, the Remittance-Dollar Account attracted $161 million in July, highlighting continued foreign interest in Pakistan’s financial instruments.

Moreover, Pakistan’s oil reserves have seen a significant increase of 26% due to upgrades reported by OGDC and MARI, potentially impacting future market sentiment in the energy sector. Despite these gains, the oil sector has issued warnings about possible refinery disruptions. The automotive sector is also facing challenges, with outstanding auto loans dropping sharply to Rs228 billion in July.

On the banking front, deposits have seen a healthy increase of 19% reaching Rs30.6 trillion. In tech-related developments, Air Link has announced a partnership with Acer to assemble laptops and tablets within Pakistan, marking a significant step in local manufacturing capabilities.