Pakistan stocks crash on super tax imposition

Pakistan stocks crash on super tax imposition

KARACHI: Pakistan stocks crashed on Friday and lost 1665 points owing to imposition of super tax on various sectors and individuals.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 41,052 points from previous day’s closing of 42,717 points, showing a decline of 1665 points.

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Analysts at Arif Habib Limited said that the PSX witnessed a bloodbath session on Friday June 24, 2022 as Prime Minister announced a 10 percent tax on large-scale industries in a bid to shore up revenues for supporting the country’s poor amid rising inflation. The benchmark KSE-100 index stumbled to 2161 points. Volumes remained healthy while selling pressure was witnessed across the board.

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Sectors contributing to the performance include Banks (-404.9 points), E&P (-220.1 points), Fertilizer (-205.0 points), Cement (-192.7 points) and Power (-108.2 points).

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Volumes increased from 349.5 million shares to 424.2 million shares (+21.4 per cent DoD). Average traded value also increased by 26.3 per cent to reach US$ 61.7 million as against US$ 48.9 million.

Stocks that contributed significantly to the volumes are KEL, CNERGY, PRL, TELE and UNITY.

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