Karachi: The KSE-100 index experienced a decline of 158 points yesterday, closing at 121,641, with a total of 854 million shares traded. The market saw notable price changes, with PKGP, KEL, and SRVI leading in performance, while MUGHAL, TGL, and FATIMA emerged as the top decliners. Trading activity was primarily concentrated in the power, food, and technology sectors.

Today, the government is set to unveil a budget worth 6 trillion rupees, alongside the release of the Economic Survey for 2024-25. The survey highlights macroeconomic stability, with overseas Pakistanis contributing to a record current account surplus of $1.9 billion for the first ten months of the fiscal year 2025.

The Competition Commission of Pakistan (CCP) has granted exemptions to the logistics and transport sector, aiming to enhance operational efficiencies. Additionally, Prime Minister Shehbaz and Turkey's President Erdogan have committed to bolstering trade relations between the two nations.

The Overseas Investors Chamber of Commerce and Industry (OICCI) is advocating for tax relief for both the salaried and corporate sectors. Meanwhile, Pakistan's power capacity has reached 46,605 MW, though idle plant costs continue to be a burden on consumers.

In the fiscal landscape, the share of direct taxes has increased to 48.7 percent, while tax relief measures have cost the treasury 5.84 trillion rupees. Government borrowing from July to March has decreased by 69 percent, and inflation is projected to remain between 4.5 and 5 percent. Public debt was recorded at 76,007 billion rupees by the end of March.

Calls have been made to apply a super tax only to corporations with profits exceeding 10 billion rupees. The Finance Bill is expected to introduce significant changes to the withholding tax regime. The export remittances for the IT and IT-enabled services sector have surged by 23.7 percent.

The auto sector has raised concerns over tariff reforms and the import of used cars, while the agriculture sector has missed its growth targets. The Khyber Pakhtunkhwa government and the cement industry have agreed to raise cement royalties.

The government is considering a federal excise duty ranging from 5 to 20 percent on packaged foods. In corporate news, Engro Connect has acquired Jazz-owned towers in a deal worth $560 million.