November 30, 2022
Business Pakistan

Pakistan Stock exchange crashed minutes Shehbaz Sharif⁩ announced 10 per cent tax on industries

KARACHI: Pakistan Stock exchange crashed minutes after PM Shehbaz Sharif ⁩announced a 10 per cent tax on large-scale industries. Benchmark KSE-100 index was down 2,053 points or 4.8pc.

The PSX plunged to a one-year low at the closure of the first of two sessions today at 40,664 points at noon. The second session started at 2:30 pm.

“The announcement of the imposition of 10% super tax across the corporate sector triggered panic sale,” Arif Habib Limited Head of Research Tahir Abbas said while talking to The Express Tribune.

“The tax would impact 10-12% net profit of each company,” he added. Abbas anticipated that the market may see a partial recovery in the second half today.

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