KARACHI: The KSE-100 index of Pakistan Stock Exchange saw a down turn with a decline of more than 1810.76 points closing at 48,7870.81 points on Thursday.
During trading, the benchmark index was down -4.4% which is the steepest fall since August 11, 2014 when the market fell by -4.5%.
As the budget has been announced, a trend has been witnessed in the market – investors are selling their shares. This is because of the increase in tax on dividends from 12.5% to 15%. The shares that were bought on July 1, 2013 now have a tax of 15% on them.
The increase in taxes hasa negative impact on the share market, according to financial analyst Muzammil Aslam.
On Wednesday the KSE-100 index saw a decline of 861 points whole on Tuesday the index lost 685 points.