The KSE-100 index experienced a significant decline today, shedding 490 points to close at 112,254, with a total of 263 million shares changing hands. Notable gains were observed in PIBTL, HGFA, and TGL, while MEHT, JDWS, and PTC emerged as the top losers. Trading activity was dominantly focused on the transport, cement, and technology sectors.

According to Taurus Securities Limited, the day also saw the government raising Rs569 billion through the auction of treasury bills, while the State Bank of Pakistan (SBP) accepted Rs117 billion in a PFL buyback auction and raised Rs629 billion through a PIB auction.

Meanwhile, the government is contemplating new fiscal measures to address a Rs600 billion shortfall before the next International Monetary Fund (IMF) tranche. The Prime Minister has directed a swift resolution of tax cases to recover Rs500 billion by June.

In parallel fiscal developments, the Public Accounts Committee (PAC) expressed concerns over a Rs58 billion rescheduled debt, questioning the government’s repayment strategy.

Additionally, Bilal bin Saqib has been appointed as the Chief Crypto Advisor, and refineries are urging the Oil and Gas Regulatory Authority (OGRA) to enforce binding supply obligations on Oil Marketing Companies (OMCs).

The removal of GST on petroleum products remains a pressing issue, prompting oil refineries to seek the intervention of the minister. Lastly, a subsidiary of HUBCO has embraced a hybrid tariff model under a new agreement with the government.