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Saturday, November 23, 2024

Home Business After Friday’s crash, PSX starts on positive note

After Friday’s crash, PSX starts on positive note

by Web Desk Staff
June 27, 2022
in Business

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Karachi: After losing more than 2000 points within a few minutes on Friday, the Pakistan Stock Exchange (PSX) started on a positive note on Monday, gaining 683 at around 10:40.

Read: Pakistan Stock Exchange loses over 2000 points after PM Shehbaz announced super tax on big industries

On Friday, the market crashed following the announcement of a 10% “super tax” on thirteen big industries by Prime Minister Shehbaz Sharif. The list included sugar, cement, steel, textile, tobacco, fertiliser, bank, oil and gas, beverages, automobile, chemical, airlines and LNG terminals.

Read: 10% on big industries announced by PM Shehbaz

With the imposition of the super tax, the tax rate for certain industries would jump from currently 29 per cent to 39 per cent.

Soon after the announcement, the PSX lost more than 2000 points within a few minutes. As a result, trading was halted.