The KSE-100 index was down 2,053 points, or 4.8 percent, as of 12 pm on Friday.
Minutes after Prime Minister Shehbaz Sharif proposed a 10% tax on large-scale industries on Friday, the Pakistan Stock Exchange (PSX) plummeted.
Up until two hours after the opening bell, the stock market remained flat. However, around 11:40 am, the market experienced a sharp decline, with the KSE-100 dropping to 41,100 after losing 1,598 points.
The benchmark KSE-100 index was down 2,053 points, or 4.8 percent, as of 12 o'clock.
According to the psx Rulebook, trade in all securities is suspended for a predetermined amount of time if the index moves 5% above or below its most recent close and remains there for five minutes.
A "super tax" on major industries such as cement, steel, sugar, oil and gas, fertilizers, LNG terminals, textile, banking, automobile, chemicals, drinks, and cigarettes was announced earlier today after the prime minister gave the country assurances about budget decisions.
Individuals earning between Rs 150 million and Rs 300 million annually are subject to a ‘special tax’ as well.
