After the government declares a super tax on industries, the Pakistan Stock Exchange falls.

Pakistan Stock Exchange crashes after government declares 10% duty on large-scale industries . PM Shehbaz Sharif says levy would keep country from bankruptcy .

Islamabad (Pakistan), June 24 : The Pakistan Stock Exchange (PSX) crashed shortly after the government of Shehbaz Sharif declared a 10% duty on large-scale industries, a pledge that would keep the country from bankruptcy, according to the Dawn newspaper.The stock fell by 1,598 points at 11:40 a.m. (local time) and dropped to 41,100.The benchmark KSE-100 index was down 2,053 points at 12:00 p.m. At the time, the PSX rules say that if the index hits five percent above or below its close and holds for five minutes, all market securities trading will resume for a short period.According to Pakistani Prime Minister Ungar, the market has reacted negatively because it would seriously hurt company growth.

He declared the levy of a 1 percent rate on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile companies, according to Shehbaz, who said the government should take action to improve the general economic status of the country.We have a second intention, he said, to keep the country from going bankrupt.Explaining the motivations of his government for the super tax, he emphasised the importance of stabilizing Pakistan's economy.These arent just words; this is my voice, and inshaAllah, we will be able to accomplish all these objectives, he said.