Equities eke out gains on value-hunting

The Pakistan Stock Exchange (PSX) halted its three-day losing streak on Tuesday, posting modest gains on some value-hunting. However, the short-term market outlook remains bearish as investors exercise caution ahead of the unveiling of taxation measures for the next fiscal year. Ahsan Mehanti of Arif Habib Corporation noted that the equity market showed some recovery amid speculations in the pre-budget session. Hopes for a real estate package in the federal budget attracted interest in cement stocks. Investor concerns over the IMF’s disagreement on key budgetary targets, subsidies, and rupee instability led to mid-session selling pressure. The government’s measures for raising tax collection targets amid an easing fiscal deficit played a catalytic role in the positive close at the PSX.