Super tax news sinks share prices at Pakistan Stock Exchange
KSE-100 index down by over 2,000 points in first session
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It appeared the investors got panicky at the Pakistan Stock Exchange after hearing the news about government's plans to slap super tax on major industries as the share prices nosedived in the opening session on Friday, with the KSE-100 index plunging by over 2,000 points, reported 24NewsHD TV channel.
Following the announcement by the government to slap super tax on major industries, the benchmark index fell to 40,661.59, a loss of 2,055.38 points or 4.81 percent.
At close, benchmark KSE-100 index closed at 41,051.79 points after plunging 1,665.18 points or 3.9%.
The experts were of the view that the news of super tax on cement, steel, sugar, oil and gas, fertilzer, LNG terminal, textile, banks automobile, tobacco, beverages and chemicals led to the downfall in share prices.
On Thursday, the benchmark KSE-100 Index had closed 0.61% higher, at 42,716.97, a gain of 258.83 points.
Reporter Habib Khan