Karachi: The Pakistan Stock Exchange (PSX) crashed on Friday and fell more than 2,000 points below the 72,000 level on Friday morning.
The main KSE-100 index opened with mixed trends. At 09:52 am, the index fell more than 2,000 to a low of 71,781.96.
The KSE-100 index recovered at 11:17 a.m. and traded down 1,087.25 points at 72,775.68.
Experts attribute the decline to concerns about the proposed budget for 2024-2025.
The index was under constant pressure throughout the week, losing ground in each session.
The 2024-25 budget, which was originally presented on June 10, will now be presented on June 12.
The Economic Survey of Pakistan 2023-24 will be presented after the council meeting on June 11, sources said.
The 2024-25 federal budget will be approved by the Senate by June 26. The government of Pakistan is likely to end tax exemptions in the FY2024-25 budget at HPG’s request.
According to the proposed budget for 2024-25, Pakistan will end exemptions from sales and income tax.
The government is also considering imposing a sales tax on tractors and pesticides, which could increase the price of these important agricultural products.
