Latest news with #MeezanBank
Express Tribune
5 days ago
- Business
- Express Tribune
Stocks surge on budget relief prospects
Listen to article The Pakistan Stock Exchange (PSX) closed the week on a bullish note on Friday, lifted by strong gains in blue-chip oil, banking and fertiliser stocks amid growing optimism about the upcoming federal budget measures. The benchmark KSE-100 index surged over 700 points. Analysts attributed the rally to investor hopes for pro-growth budgetary announcements, including some relief for oil refineries, real estate and agriculture sectors, along with a proposed 1.5% levy on imports aimed at supporting local industries and stabilising the rupee. Despite the upbeat close, the benchmark index remained shy of the 120,000 milestone, posting a 0.5% weekly gain. "Stocks closed bullish, led by blue-chip shares of oil, banking and fertiliser sectors amid hopes for positive federal budget announcements," said Arif Habib Corp Managing Director Ahsan Mehanti. "Budgetary relief for oil refineries, real estate and agri-sector, a proposed 1.5% tax on imports to support industries and rupee stability played the role of catalysts in bullish close at the PSX," he added. At the end of trading, the benchmark KSE-100 index recorded a rise of 719.69 points, or 0.60%, settling at 119,691.09. Arif Habib Limited (AHL) wrote that the PSX closed the week with a 0.5% gain, although the index remained below the 120,000 mark. On Friday, 58 stocks advanced while 41 declined. Key contributors to the gains included Fauji Fertiliser Company (FFC, +2.24%), Meezan Bank (+4.4%) and Hubco (+1.6%) while TPL REIT Fund 1 (-7.63%), Pakistan Petroleum (-1.03%) and Pakistan Oilfields (-1.31%) were the major drags. Among macro developments, Azerbaijan announced a $2 billion investment package for Pakistan during a trilateral summit with Turkey. Meanwhile, the State Bank purchased $5.9 billion from the currency market since June 2024 to strengthen its foreign exchange reserves. On the fiscal front, the FBR is proposing higher withholding tax rates for vehicles with engine capacities above 1,300cc in the upcoming budget. In the corporate sector, Pharaon Investment Group's potential divestment of ACPL is drawing interest from competitors including Cherat Cement and Bestway Group, AHL added. Topline Securities, in its daily review, wrote that continuing its previous day's momentum, the KSE-100 index largely traded in the positive zone and closed at 119,691, up 0.60%. The top positive contribution to the index came from FFC, Meezan Bank, Hubco, Pakgen Power, Engro Holdings and MCB Bank as they cumulatively contributed 668 points. Traded value-wise, Attock Refinery (Rs1.66 billion), DG Khan Cement (Rs878 million), Hubco (Rs807 million), FFC (Rs708 million), Meezan Bank (Rs661 million) and Mari Petroleum (Rs607 million) dominated the trading activity, Topline said. Muhammad Hasan Ather of JS Global said the KSE-100 index extended its bullish momentum, climbing 720 points to close at 119,691. The rally was driven by strong investor sentiment amid declining inflation, current account surplus and Fitch's upgrade of Pakistan's credit rating to "B-". Robust activity in banking, energy and cement sectors further buoyed the sentiment. With over 1,358 points added in two sessions, the momentum suggests a continued upside, contingent on sustained macroeconomic stability and clarity on political and external financing developments, he said. Overall trading volumes stood at 580.3 million shares, significantly lower than the previous session's 741.7 million. The total traded value was Rs22.7 billion, down from Rs23.9 billion in the previous session. A total of 474 companies were traded, out of which 259 stocks closed higher, 161 declined and 54 remained unchanged. WorldCall Telecom led the volumes chart with 79.7 million shares, losing Rs0.06 to close at Rs1.37. K-Electric followed with 47.7 million shares, losing Rs0.20 to settle at Rs5.32. Cnergyico PK saw trading in 35.8 million shares, gaining Rs0.07 to close at Rs7.86. Foreign investors sold shares worth Rs612.5 million, the National Clearing Company reported.
Zawya
19-05-2025
- Business
- Zawya
Pakistan completes debut green sukuk auction: IFR
Pakistan on May 16 raised Rs31.99bn (US$113.5m) from a debut auction of green sukuk, according to a stock exchange announcement. The 10.6363% interest rate on the three-year instruments, determined via an auction held on the Pakistan Stock Exchange, is 61bp points inside the 11.2464% benchmark rate, which is the latest six-month weighted average of market treasury bills. The bonds will be issued by Pakistan Domestic Sukuk Company, a wholly owned subsidiary of the ministry of finance. Meezan Bank, Dubai Islamic Bank (Pakistan), BankIslami Pakistan and Bank Alfalah were joint financial advisers on the issue. This marks the sovereign's first sukuk tied to ESG assets. Proceeds will be used towards three hydropower projects. The sovereign has stated its intention to sell further sukuk to support the projects, up to a total of Rs52bn. The sovereign's domestic ratings are Caa2/B–/CCC+, according to LSEG data.
Business Recorder
16-05-2025
- Business
- Business Recorder
Pakistan issues Rs30bn Green Sukuk to fund renewable projects
Pakistan on Friday launched its first Sovereign Domestic Green Sukuk worth Rs30 billion at the Pakistan Stock Exchange (PSX), pushing the share of Shariah-compliant financing in the country's total domestic debt to 14%, announced Finance Minister Muhammad Aurangzeb. Pakistan's domestic debt stands at Rs37 trillion, of which Rs5 trillion—approximately 14%—is Sukuk-based debt. Addressing the event via video link, Aurangzeb said the Sukuk reflects growing investor confidence in Pakistan's economy and the capital market. Based on an Ijarah structure, the three-year Sukuk will carry a variable rental rate and is being issued under the Sustainable Investment Sukuk framework. Green Sukuk The bidding process was ongoing on Friday morning at the time of filing this report. The Sukuk will be listed and tradable on the PSX. Proceeds will be utilised to fund eligible green energy projects, including the construction of three dams. Meezan Bank is acting as the lead Joint financial advisor, along with Dubai Islamic Bank, Bank Islami, and Alfalah Islamic. The auction is open to local retail, institutional, and corporate investors, as well as to non-resident Pakistanis (NRPs), Roshan Digital Account holders, and foreign investors. The launch coincided with Youm-e-Tashakur (Thanksgiving Day), as the PSX opened after reaching an all-time high of 119,961.91 points a day earlier. 'The best is yet to come for both PSX and Pakistan,' Aurangzeb said, highlighting investor optimism, including among global investors he met recently in London. Green Sukuk auction on 16th The finance minister noted that international investors have shown interest in Pakistan, provided the country maintains macroeconomic stability and continues reforms in energy, taxation, and state-owned enterprises. Aurangzeb added that the government is in consultation with stakeholders to present a promising budget for FY26.
Business Recorder
14-05-2025
- Business
- Business Recorder
Meezan Bank pays tribute to armed forces
KARACHI: In a heartfelt show of unity and gratitude, Meezan Bank held a special ceremony at its Head Office in Karachi to pay tribute to the courage and dedication of Pakistan's Armed Forces. More than 3,000 employees, including the Bank's senior leadership, came together to celebrate the spirit of sacrifice that defines our Armed Forces. The event featured passionate addresses by Irfan Siddiqui President & CEO, and Deputy CEO Syed Amir Ali, both of whom spoke about Pakistan's identity as a peace-loving nation and the Armed Forces' unwavering role in safeguarding that vision. A soulful recitation of the national anthem and a moving Dua-e-Shukar added to the emotional weight of the gathering, bringing a deep sense of pride and reflection across the audience. Copyright Business Recorder, 2025
Zawya
09-05-2025
- Business
- Zawya
Pakistan plans sustainable sukuk: IFR
Pakistan is planning to raise Rs20bn–Rs30bn (US$71m–$106.5m) from a debut sustainable sukuk to finance hydropower projects. The deal comes after the government approved a sustainable investment sukuk framework in April. Meezan Bank, Bank Alfalah, Dubai Islamic Bank Pakistan and Bank Islami Pakistan are structuring advisers on the programme, according to local media. The target projects are the Garuk storage dam in the western Balochistan province, the Naigaj dam in the southeastern Sindh province and the Shagarthang hydropower project in the city of Skardu in Kashmir. The projects are underway but will require an additional Rs52bn in funding. The issue will mark the government's first debt instruments tied to ESG assets. Government agency Water and Power Development Authority in 2021 issued a US$500m 10-year green bond to fund hydropower projects. The sukuk will be sold via auction on Pakistan Stock Exchange. The tenor is unknown. The sovereign's domestic ratings are Caa2/B–/CCC+, according to LSEG data.
