The benchmark KSE-100 Index began trading in a negative manner. The index hit its lowest position of 71,781.96 at 09:52 am, plunging more than 2,000 points.
After rising at 11:17 a.m., the KSE-100 index was down 1,087.25 points, trading at 72,775.68.
Experts ascribed the drop to worries over the 2024–2025 budget proposals.
Every session of the week has seen the index lose territory due to constant pressure.
It is increasingly expected that the budget 2024–25, which was originally supposed to be presented on June 10, will instead be presented on June 12.
Following the council meeting on June 10, the Pakistan Economic Survey 2023–24 is scheduled to be delivered on June 11, according to the sources.
It is expected that the Senate will approve the government budget for 2024–25 by June 26. In response to demands from the IMF, the Pakistani government is expected to eliminate tax exemptions in the FY2024–25 budget.
Pakistan is expected to gradually eliminate its exemption from income tax and sales tax, as per the budget proposals for 2024–25.
Tractors and insecticides are also being considered for a sales tax by the government, which would result in price increases for these necessary agricultural supplies.
