Latest news with #BankALHabib
Express Tribune
4 days ago
- Business
- Express Tribune
PSX at new peak over budget hopes
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking run on Wednesday as the benchmark KSE-100 index closed at an all-time high at nearly 121,800 points. Investor sentiment remained upbeat ahead of the federal budget, buoyed by expectations of fiscal relief measures and encouraging macroeconomic indicators. The rally was supported by a 10% year-on-year increase in petroleum product sales for May, rising cement exports and the Asian Development Bank's (ADB) approval of a $800 million financing package. Broader market gains were also driven by speculation about tax rationalisation and power tariff adjustments. Arif Habib Corp MD Ahsan Mehanti observed that stocks closed at a new all-time high in a pre-budget rally, led by across-the-board activity, as investors weighed tax relief, power tariff cuts and the prime minister's hint at progress in budget talks with the International Monetary Fund (IMF). "The record bullish close was driven by a 10% surge in petroleum sales for May, rising cement exports and the approval of ADB's $800 million financing that will be supportive for rupee stability," he added. At the end of trading, the benchmark KSE-100 index advanced 1,347.99 points, or 1.12%, and settled at 121,798.87. Topline Securities noted in its review that the bullish momentum from the previous session was carried forward, fuelled by robust buying from local institutions and corporates, as indicated by the National Clearing Company data. The key drivers of the rally included heavyweight stocks such as National Bank, Bank AL Habib, Systems Limited, Lucky Cement and MCB Bank, which contributed 586 points to the index, it said. Arif Habib Limited (AHL) commented in its report that the KSE-100 extended gains after breaching the 120,000 mark, rising 1.7% week-on-week ahead of the final session before Eid holidays. Some 61 shares rose while 37 fell with National Bank (+10%), Bank AL Habib (+3.42%) and Systems Limited (+3.38%) contributing the most to index gains. In contrast, Habib Metropolitan Bank (-2.48%), Pakistan Oilfields (-0.66%) and National Foods (-2.67%) were the biggest drags. Among corporate news, Big Bird Foods (+3.45%) announced direct export access to Alibaba's global B2B platforms while Cherat Cement (+4.49%) expressed interest in acquiring Attock Cement (-0.03%). AHL expects that the 120k level will be built as a support and the index may advance to 130k. KTrade Securities wrote in its market wrap that the KSE-100 index marked another historic session, closing at a new all-time high, driven primarily by strong performances in mainboard stocks, particularly the banking sector. The sectors showing notable strength included commercial banks, technology, oil and gas and cement. Investor sentiment still remains measured amid uncertainty ahead of the federal budget announcement, it said. JS Global analyst Mubashir Anis Naviwala said that the KSE-100 surged at the commencement of trading and maintained a strong momentum, hitting a new intra-day high and settling at a record close at 121,799. With this powerful breakout above previous highs, the index is poised for continued upward momentum, potentially attracting increased institutional flows, he said. He asked investors to capitalise on intra-day dips and accumulate fundamentally strong stocks in fertiliser, cement and banking sectors to benefit from the current upward trend. Overall trading volumes increased to 710.6 million shares compared with Tuesday's tally of 578.2 million. The value of shares traded was Rs35.2 billion. Shares of 475 companies were traded. Of these, 264 stocks closed higher, 170 fell and 41 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 51.6 million shares, rising Rs2.11 to close at Rs38.42. It was followed by Fauji Foods with 51.4 million shares, gaining Rs0.56 to close at Rs16.75 and K-Electric with 41.4 million shares, rising Rs0.09 to close at Rs5.41. Foreign investors sold shares worth Rs946 million, the National Clearing Company reported.
Express Tribune
17-05-2025
- Business
- Express Tribune
PSX loses ground in range-bound session
Listen to article The Pakistan Stock Exchange (PSX) closed lower on Friday as the benchmark KSE-100 index dropped over 300 points after a range-bound session. The index oscillated between the intra-day high of +544 points and intra-day low of -421 points, reflecting investor caution after recent record-breaking gains. The muted sentiment was largely driven by a lack of fresh triggers and a wait-and-see approach ahead of the weekend. Positive contributions from Engro Holdings, Systems Limited, Bank AL Habib, UBL and Bank Alfalah added 271 points, but were outweighed by declines in Fauji Fertiliser Company (FFC), Lucky Cement, Mari Petroleum, OGDC, PSO and Engro Fertilisers, which dragged the index down by 476 points. At the close of trading, the benchmark KSE-100 index posted a decline of 312.77 points, or -0.26%, and settled at 119,649.14. "Stocks closed lower amid dismal data of RDA inflows that decreased 25% MoM to $177 million and a lower current account surplus of $12 million for April. Fears about the IMF-driven new tax measures in the federal budget for FY26 impacted sentiment," said Arif Habib Corp MD Ahsan Mehanti. "Falling global crude oil prices, concerns over a lower industrial base tariff reduction and government's claims of savings from the IPPs' revised contracts and the Senate's approval of the IMF-driven higher grid levy under the CPP Levy Bill 2025 played the role of catalysts in the bearish close." Arif Habib Limited (AHL) wrote in its daily commentary that despite a strong weekly performance, Friday's session saw mixed activity with 46 stocks advancing and 53 declining. Top contributors to the index included Engro Holdings (+0.96%), UBL (+0.65%) and Bank AL Habib (+1.01%) while FFC (-1.47%), Lucky Cement (-1.47%) and Mari Petroleum (-1.36%) weighed on the index. On the trade front, Pakistan has proposed a zero-tariff bilateral trade agreement with the United States, aiming to boost economic cooperation across key sectors. On the macroeconomic side, April's current account surplus came in at $12 million, sharply lower than $315 million in April 2024 and $1.2 billion in March 2025, reflecting pressure from rising imports and lower remittances, AHL added. Topline Securities' market review said that a range-bound session was observed at the exchange as the index traded between the intra-day high of +544 points and intra-day low of -421 points to finally settle at 119,649 (down 0.26%). The lacklustre activity could be attributed to a lack of triggers and investors' preference to remain on sidelines before the weekend after the index touched its higher-ever level. Top positive contribution to the index came from Engro Holdings, Systems Limited, Bank AL Habib, UBL and Bank Alfalah as they cumulatively contributed 271 points. On the other hand, top negative contributors were FFC, Lucky Cement, Mari Petroleum, OGDC, PSO and Engro Fertilisers as they pulled the index down by 476 points, it said. Topline pointed out that investor interest was observed in the engineering sector in the second half, where the heavily import-dependent sector gained ground, largely on news that the prime minister had given directives for abolishing the additional customs duty and the regulatory duty over the next four to five years. Also, the PM has approved a proposal to cap customs duty at a maximum of 15%. Overall trading volumes were recorded at 572.3 million shares compared with the previous tally of 699 million. The value of shares traded during the day was Rs29.03 billion. Shares of 465 companies were traded. Of these, 206 stocks closed higher, 209 fell and 50 remained unchanged. At-Tahur Ltd was the volume leader with trading in 44.6 million shares, gaining Rs0.51 to close at Rs49.83. It was followed by Cnergyico PK with 32.3 million shares, losing Rs0.17 to close at Rs7.68 and Lotte Chemical with 28.6 million shares, gaining Rs1.29 to close at Rs20.98. During the day, foreign investors sold shares worth Rs165 million, according to the NCCPL.
Express Tribune
10-02-2025
- Sport
- Express Tribune
Baig successfully defends the Rashid D Habib Golf title
Bank AL Habib's 14th Rashid D. Habib Memorial National Professionals Golf Tournament concluded in grand fashion at the Karachi Golf Club, witnessing stellar performances from some of the finest professional golfers in Pakistan. Ahmed Baig (PAF) displayed remarkable consistency to clinch the Professional Champion Title, shooting 273 (-15) and taking home Rs 937,676. Muhammad Zubair (KGC) finished as runner-up, posting 275 (-13) and securing Rs 602,787. The event, held from February 6 to 9, 2025, brought together top senior, junior, and professional golfers, competing for a substantial prize purse across multiple categories. Muhammad Tariq (ICGC) emerged victorious in the Senior Professionals category, finishing with a total of 140 (-4) over two rounds. Aurangzeb Khan (KGC) closely followed with 141 (-3) In the Junior Professionals division, Syed Ali Noshairwan Naqvi (LGG) secured the title with a total score of 151 (+7), narrowly edging out Rehan Babar (LGG) at 152 (+8). The PRO-AM event saw 27 professionals participating, with Muhammad Zubair's team winning the top prize of Rs 50,000. Minhaj Maqsood's team finished as runners-up, while Shahid Javed Khan's team claimed third place. Kamram Zahoor was the winner in KGC Caddies, Saleem Inayat in KGC Senior Professionals and Abdullah became title holder in KGC Professionals category. Top five golfers according to PGF criteria, were paid appearance money of PKR200,000 each among Muhammad Shabbir (Islamabad Golf Club), Muhammad Alam (Garrison), Muhammad Munir (Rawalpindi), Minhaj Masqood (Rawalpindi), and Muhammad Zubair (Karachi). Simimarly PKR 75,000 each were paid as appearance money to Senior Pros: Muhammad Akram, Nisar Hussain and Muhammad Tariq. PKR 150,000 were equally distributed among junior professionals Rehan Babar, Muhammad Sahil and Shahbaz Ali. Amjad Yousuf from Rawalpindi scored a spectacular Hole-in-One at Blue Hole #4, winning a Toyota Altis. Tallat Ijaz achieved second Hole-in-One in the same category and was awarded a Golf Kit. The Chief Guest Governor State Bank of Pakistan, Mr. Jamil Ahmed said that Bank AL Habib's Rashid D. Habib Memorial Tournament remains a landmark in Pakistan's golf calendar, honoring the legacy of the late Rashid D. Habib. The Chief Guest presented mementos and awards to the winners. The tournament saw intense competition, incredible talent, and sportsmanship, reinforcing its stature as a key platform for professional golfers in the country.
Express Tribune
08-02-2025
- Sport
- Express Tribune
Ahmed leads on second day at KGC
Bank AL Habib's 14th Rashid D. Habib Memorial National Professional Golf Tournament, hosted at Karachi Golf Club, is witnessing thrilling competition as top professional Pakistani golfers battle for supremacy. After two intense rounds, Ahmed Baig of RPG leads the leaderboard with a total score of 135 (9 under par), showcasing remarkable consistency and skill. Baig is also defending his title from last year. Close behind him are Muhammad Munir (RWP) and Muhammad Zubair (KGC), both tied at second place with scores of 137 (7 under par). Their stellar performances have set the stage for a competitive final stretch of the tournament. Other notable contenders include Hamza Taimur Amin (RMG), Tallat Ijaz (GYM), and Mudassir Iqbal (KGC), all tied at fourth place with a score of 141 (3 under par). The championship continues to bring high-level golf action, drawing enthusiasts and professionals alike to witness the intense contest. With two rounds remaining, the race for the title is still wide open. After the cut, 52 professionals will advance to the third round, while 32 senior pros and 23 junior pros will play their first round today, February 8th. The tournament has already delivered some impressive performances, and the upcoming rounds are set to bring even more thrilling action as the players battle for victory. Bank AL Habib's Rashid D. Habib Memorial National Golf Tournament is a premier event in Pakistan's golfing calendar, attracting top talent and promoting excellence in the sport. The championship will conclude on February 9, 2025, with the final round determining the ultimate winner. Earlier on day one, Baig and Zubair were dominant at the leaderboard as well, both carded an impressive 65 (-7), and set the pace for the tournament. Their stellar performances were marked by precise driving and superb putting, making them the players to watch in the coming rounds. Close on their heels, Muhammad Munir posted a solid 67 (-5), followed by Mudassir Iqbal with a 68 (-4), keeping the competition intense.
Express Tribune
30-01-2025
- Business
- Express Tribune
PSX stages strong comeback, gains 1,719 points
Listen to article KARACHI: Pakistan Stock Exchange (PSX) on Thursday staged a strong recovery, where the KSE-100 index surged over 1,700 points and closed above 113,200. The rebound followed three consecutive negative sessions as optimism grew over corporate earnings, the International Monetary Fund's (IMF) proposal to reduce gas-sector circular debt and commitments made by a US investor delegation. Market activity remained robust, with trading in 483 million shares and a total value of Rs26 billion. Key contributors to the rally included Mari Petroleum (+10%), Bank AL Habib (+5.82%) and Lucky Cement (+3.49%). Analysts anticipate further upward momentum as investors focus on corporate earnings and the IMF review scheduled for late February. "Stocks turned bullish amid speculation in the earnings season ahead of major announcements this week," said Arif Habib Corp MD Ahsan Mehanti. IMF's proposals to ease the gas circular debt issue, rupee stability and commitments from a US investor delegation played the role of catalysts in the surge at PSX, he added. At the close of trading, the benchmark KSE-100 index posted a sharp increase of 1,719.04 points, or 1.54%, and settled at 113,206.40. Arif Habib Limited (AHL) wrote in its report that the KSE-100 index maintained its 112,000115,500 range, confirming a "seek and destroy" market profile. A total of 76 stocks advanced, while 21 declined, with Mari Petroleum (+10%), Bank AL Habib (+5.82%) and Lucky Cement (+3.49%) contributing the most to index gains. On the other hand, Bank Alfalah (-0.64%), Lucky Core Industries (-1.56%) and Packages Limited (-1.67%) were the biggest drags, it said. AHL mentioned that Bank Alfalah announced its 4QCY24 earnings per share of Rs2.94, marking a 49% year-on-year decline and a 65% quarter-on-quarter drop. The decline in earnings was primarily driven by subdued net interest income and higher operating expenses. "With the index recovering within its established range, a move towards the upper end now appears likely," it added. Topline Securities, in its review, reported that the market saw a positive turnaround in Thursday's trading session, with the index dipping to the intra-day low of 111,806 points and climbing to the high of 113,401 points, before closing at 113,206, up 1,719 points. It marked a recovery following three consecutive negative sessions. The uptick was primarily fuelled by strong performances by Mari Petroleum, Bank AL Habib, Lucky Cement, PSO and Hub Power, which together added 923 points to the index, Topline said. Muhammad Hasan Ather of JS Global wrote that the KSE-100 saw a significant rebound as the benchmark index rose 1,719 points. The surge was driven by strong buying interest in key sectors such as automobile assemblers, cement, and exploration and production. Looking ahead, the market outlook remains positive, with upcoming annual results from major banks and the IMF review at the end of February expected to reinforce macroeconomic stability, the JS analyst said. Overall trading volumes were recorded at 484 million shares compared with the previous session's tally of 449 million. The value of shares traded during the day was Rs26 billion. Shares of 441 companies were traded. Of these, 272 stocks closed higher, 118 fell and 51 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 48.4 million shares, gaining Rs2.71 to close at Rs39.11. It was followed by Waves Home Appliances with 33.2 million shares, gaining Rs1.15 to close at Rs12.78 and Bank Makramah with 31.5 million shares, gaining Rs0.22 to close at Rs3.71. During the day, foreign investors sold shares worth Rs2.2 billion, according to the NCCPL.
