PSX crashes after PM Shehbaz announces 10% tax on industries

The Pakistan Stock Exchange (PSX) halted trading on Friday after the market crashed following Prime Minister Shehbaz Sharif's announcement of a 10 per cent tax on large-scale industries.

The bourse was under severe selling pressure from the opening bell, with the KSE-100 index losing 1,598 points and sinking to 41,100 within the first two hours.

At 12pm, the benchmark KSE-100 index was down 2,053 points or 4.8 per cent. According to the PSX Rulebook, if the index goes five per cent above or below its last close and stays there