Pakistan
PSX falls 1,100 points as investors show concerns over budget FY23
The increasing taxes on the banking sector in the federal budget turned out to be the leading factors behind bearish trend
Karachi: Investors opted for selling their stocks during trading at the the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 index dipped by 1,134.80 points to close well below the 41,000 mark.
Experts linked negativity in the trading sessions to the outcome of the annual budget for the fiscal year 2022-23 especially increasing taxes on the banking sector in the budget.
Per the PSX website, the index was down 1,016.79 points at 3pm and continued to slide in the last hour of trading to close 1,134.80 points, or 2.7pc, down.