Karachi: The Karachi Stock Exchange witnessed a significant downturn yesterday, with the KSE-100 index plunging by 1,360 points to close at 113,520. A total of 492 million shares were traded, with notable performances in PTC, SYS, and PKGP. Conversely, the top decliners were identified as MARI, PGLC, and POML, in a session dominated by activity in the technology, oil marketing companies (OMCs), and refinery sectors.

According to a statement by Taurus Securities Limited, the day was marked by a variety of economic developments. A significant portion of Pakistan's foreign debt repayment for the fiscal year 2025 has already been settled, as announced by the State Bank of Pakistan's chief. Additionally, the central bank cut the policy rate by 100 basis points to 12 percent in response to easing inflation, while overnight repo and reverse repo rates were revised.

The gas market is poised for a shift with increased private sector involvement expected to help alleviate circular debt. However, non-protected domestic categories will see a Rs100 per mmbtu hike, balanced by the profits of gas utilities. Despite these changes, industrialists expressed disappointment over a mere 1 percent policy rate reduction, and there has been no reduction in industrial power prices.

The non-availability of the NJHP project led to consumers overpaying Rs167.787 billion for costly power. Adding to industry concerns, the OICCI highlighted a significant Rs124.6 billion tax refund backlog, while textile millers criticized the gas tariff hike as 'disastrous.'

In the realm of energy initiatives, KE's renewable energy project remains a point of discussion amidst these financial developments.