Karachi: The KSE-100 Index fell by 420 points to settle at 167,642, amid a trading volume of 773 million shares. The decline was led by companies such as TRG, HUMNL, and PPL, while BNWM, SCBPL, and BWCL saw positive price movements. The day's trading activity was primarily concentrated in the technology and banking sectors.

Meanwhile, the nation's trade deficit expanded to $37.17 billion from July to November, driven by declining exports. In response, a panel led by the Prime Minister is recommending a tax relief package amounting to Rs975 billion. This proposal is part of a broader initiative to reform the tax system with increased involvement from the private sector.

Furthermore, the government is seeking Turkish participation in the privatization of electricity distribution companies. In a related move, the capital market has been granted tax exemptions for energy sukuks under the government's circular debt plan.

The horticulture sector is targeting $2 billion in exports, while the oil, gas, and mining sectors face new regulatory changes, with updated customs values for uncoated offset paper. Simultaneously, the credit extended to the private sector has reached a three-year high.

In other developments, the State Bank of Pakistan has halted the collection of Export Development Surcharge, and the Federal Board of Revenue has eliminated the special customs duty on the same. Despite these measures, cement exports have decreased for the third consecutive month.