PAKISTAN ECONOMY

PSX loses nearly 2100 points in early trade in Karachi

epa11395535 A Pakistani stockbroker monitors share prices at the Pakistan Stock Exchange in Karachi, Pakistan, 07 June 2024. The Pakistan Stock Exchange (PSX) experienced a sharp sell-off, with the KSE-100 index plummeting nearly 2,100 points amid early trading due to fears over proposed taxes in the upcoming budget. Opening at 73,862.93 points, the index fell to an intraday low of 71,781.96. The KMI 30 index dropped by 1,647 points to 120,922, and the KSE All share index decreased by 561 points to 47,109. The market turmoil follows reports of potential new taxes on capital market instruments, real estate, and the removal of tax exemptions on mutual funds and insurance products, suggested by the IMF as part of an austerity drive linked to a larger bailout package. EPA/REHAN KHAN

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