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The Times of India
The Times of India
World
PTI

Pakistan Stock Exchange sinks by nearly 5% after PM Sharif announces ‘super tax'

Shehbaz Sharif Pakistan KARACHI PSX

KARACHI: The Pakistan Stock Exchange plunged by more than 2,000 points or nearly 5 per cent in just 22 minutes of manic trade at noon on Friday, after Prime Minister Shehbaz Sharif announced a new “super tax” on large-scale industries that spooked investors.

Sharif on Friday announced a 10 per cent “super tax” on large-scale industries like cement, steel and automobile, a move he said was aimed at tackling spiralling inflation and saving the cash-strapped country from going "bankrupt."

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