KSE-100 suffers fall of over 2,000 points amid rumours of ‘anti-growth’ budget measures

The benchmark KSE-100 Index suffered its biggest fall in months, plunging below the 72,000 level with a decrease of over 2,000 points in the early minutes of trading on Friday as investors offloaded shares over rumours of high taxes being imposed on the capital markets in the upcoming budget.

The index had already been under pressure this week, losing ground in every session, but Friday’s selling spree was an outright ‘dump approach’ that was triggered by rumours of higher taxes and anti-growth proposals in the upcoming budget that is set to be announced on June 12.

The market recovered slightly with the index clawing back over 72,000, but was still down over 1,600 points.