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.