KARACHI: The Pakistan Stock Exchange (PSX) on Friday witnessed a bloodbath immediately after Prime Minister Shehbaz Sharif announced “tough decisions” taken by the government in the federal budget for the upcoming fiscal year 2022-23.
The benchmark KSE-100 index opened in the green in line with its positive trend a day earlier; however, it soon plunged a massive 2,005.38 points, or 4.81%, as of 11:59am.
In his address to the nation, the premier announced that a 10% super tax would be imposed on large-scale industries including cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile sectors.
More to follow.