KARACHI: The Pakistan Stock Exchange (PSX) crashed on Friday, dropping more than 2,000 points early Friday, falling below the 72,000 level.
The benchmark KSE-100 Index opened with a bearish trend. At 09:52 am, the index plunged by over 2,000 points to the lowest level of 71,781.96.
The KSE-100 index recovered at 11:17am and was trading at 72,775.68, down by 1,087.25 points.
Experts attributed the decline to concerns over the budget proposals for 2024-2025.
Throughout the week, the index had been under consistent pressure, losing ground each session.
The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.
The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.
The federal budget 2024-25 will likely get approval from the Senate by June 26. The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on IMF’s demand.
According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.
The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.
 crashed on Friday, dropping more than 2,000 points early Friday, falling below the 72,000 level.){kind=link}