KARACHI: Immediately after Prime Minister Shehbaz Sharif announced “tough decisions” the government had made in the federal budget for the forthcoming fiscal year 2022–2023, the Pakistan Stock Exchange (PSX) on Friday saw a bloodbath.
The benchmark KSE-100 index started off in the green, following its upward trend from the previous day, but it quickly fell by a staggering 2,005.38 points, or 4.81 percent, as of 11:59am.
In his address to the nation, the premier announced that a 10% super tax would be imposed on large-scale industries including cement, steel, sugar, oil and gas, fertilizer, banking, textile, chemical, beverage, and automobile sectors.
