Carnage at PSX as KSE-100 index plunges over 1000 points
Saad khan 
Islamabad: The Pakistan Stock Exchange (PSX) witnessed a significant decline on Friday, with the benchmark KSE-100 Index dropping more than 2,000 points early in the day, falling below the 72,000 level. Experts attributed the decline to concerns over the budget proposals for 2024–2025.
The KSE-100 index opened with a bearish trend, plunging by over 2,000 points to reach the lowest level of 71,781.96 at 09:52 am. However, it recovered slightly by 11:17 am, trading at 72,775.68, down by 1,087.25 points.
Throughout the week, the index had been under consistent pressure, losing ground in each session. The budget 2024-25, initially scheduled to be presented on June 10, is now likely to be presented on June 12.
The Pakistan Economic Survey 2023-24 is set to be presented on June 11 following a council meeting on June 10. Additionally, the federal budget 2024-25 is expected to receive Senate approval by June 26.
In line with IMF demands, the Pakistani government is considering ending tax exemptions in the FY2024-25 budget. This includes ending exemptions on sales and income tax in a phased manner.
Furthermore, there are proposals to impose sales tax on tractors and pesticides, which could potentially lead to price hikes for these essential agricultural products.
