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BUSINESS

PSX Bleeds Over 2,000 Points : Govt Imposes ‘Super Tax’ On Large-Scale Industries

Pakistan equities witnessed a Panic-struck selling spree during the early hours of trade after Prime Minister Shehbaz Sharif announced that the government will be imposing a 10 percent “Super Tax” on large-scale industries in a bid to generate revenues.

The Benchmark KSE-100 lost over 1,000 points after opening trade at 42,716.97. The top bourse appeared bearish from the opening bell and immediately dropped into the Red Zone after shedding over 1,500 points by 10 Am, with fertilizer, Oil & Gas, and Cement the top negative contributors on the bourse at the time.

By midday, the top bourse had lost 2,064.9 points with the market crashing to its lowest ever tally since December 2020.