The Pakistan Stock Exchange (PSX) witnessed a major crash on Friday as the benchmark KSE-100 Index plummeted by over 2,000 points, dipping below the 72,000 level. The market opened with a bearish trend, hitting a low of 71,781.96 early in the day.
Although the index showed some signs of recovery later in the morning, it was still down by 1,087.25 points at 72,775.68. Experts pointed to concerns over the budget proposals for 2024-2025 as the main reason for the decline.
The upcoming federal budget is expected to be presented on June 12, with the Pakistan Economic Survey scheduled for June 11. The government is considering ending tax exemptions, including on sales and income tax, in line with IMF demands. Additionally, there are plans to impose sales tax on agricultural inputs like tractors and pesticides, potentially impacting prices.
Investors are closely watching these developments, as uncertainty in the market continues to prevail due to budget-related concerns.
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