PSX crashes after PM announces super tax

KARACHI (92 News) - The Pakistan Stock Exchange (PSX) crashed on Friday after Prime Minister Shehbaz Sharif announced a 10 per cent tax on big industries.

The KSE-100 index lost 1,665 points and was closed at 41,051. It witnessed a decrease of 3.9 %.

Meanwhile, the dollar price increased by 25 paias and was closed at Rs207.48 in the interbank market. However, it remained stable at Rs209 in the open market.

Industrialists and business personalities strongly reacted to the imposition of the super tax, demanding a cut in the expenditures instead of new taxes. "The new taxes have created panic in the industry. The government has given a surprise to the corporate sector," they opined.

They said that the common man will be affected by the increase in the prices of cement and steel.