KSE-100 Index gains ground after sharpest decline in months

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.

Later, the market saw a recovery, with the index closing at 73,754.01, down by 108.92 points or 0.15% from the previous close of 73,862.93 points.

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.