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Saturday, November 23, 2024

Home Business Pakistan Stock Exchange loses over 2000 points after PM Shehbaz announced ‘super tax’ on big industries

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

by Web Desk Staff
June 24, 2022
in Business

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Karachi: The Pakistan Stock Exchange (PSX) lost over 2000 points on Friday after Prime Minister Shehbaz Sharif announced a 10 per cent “super tax” on large-scale industries.

Prime Minister Shehbaz Sharif addressed the nation on Friday and announced that a “super tax” of 10 per cent would be imposed on large-scale industries, including cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile sectors.

Following the news, the PSX witnessed major selling pressure. At 12 pm, the benchmark KSE-100 index was down 2,053 points or 4.8 per cent. Subsequently, trading was halted according to the PSX rulebook.