KSE-100 Index gains some ground after plunging over 2,000 points M Haris

The Pakistan Stock Exchange experienced its sharpest decline in months, dropping more than 2,000 points early Friday, falling below the 72,000 level. 

According to the PSX website, 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.

Experts attributed the decline to concerns over the budget proposals for 2024-2025. The market was influenced by a sell-off due to the fears of an increase in Capital Gains Tax (CGT) in the upcoming budget.

Throughout the week, the index had been under consistent pressure, losing ground each session. 

However, Friday’s trading saw an aggressive sell-off, spurred by speculation of higher taxes and anti-growth measures in the budget set to be announced on June 12.

Later, the market saw a slight recovery, with the index climbing back above 72,000, though it remained down by over 1,300 points.