Latest news with #FFC
Express Tribune
21 hours ago
- Business
- Express Tribune
PSX loses steam as investors book profit
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File The Pakistan Stock Exchange (PSX) commenced the week with lacklustre trading on Monday as the benchmark KSE-100 index lost momentum owing to profit-taking by investors ahead of expiry of July-end contracts. After fluctuating within a narrow band throughout the day, the index recorded a decrease of 379.78 points, or 0.27%, and settled at 138,217.58 by the close of trading. Analysts attributed the bearish sentiment to uncertainty surrounding external debt repayments in FY26 and investor anxiety ahead of the State Bank's monetary policy decision. Geopolitical worries, inflationary pressures and currency depreciation further contributed to the market's decline. Ahsan Mehanti of Arif Habib Corp remarked that stocks closed under pressure amid geopolitical uncertainty as well as concerns over the impact of inflation on the monetary policy announcement next week. He said that rupee instability and worries about external debt repayments due in FY26 drove bearish activity at the PSX. In its review, Topline Securities commented that the market remained range bound throughout the session, fluctuating between intra-day high of 139,201 and intra-day low of 138,150, as investors engaged in profit-taking ahead of July-end contract expiry. Pressure on the index came from Fauji Fertiliser Company (FFC), United Bank Limited (UBL), Oil and Gas Development Company (OGDC), Systems Limited and Hub Power, which dragged the market down by 438 points. On the other hand, HBL, Engro Fertilisers and Pakistan Aluminium Beverage Cans lent some support by contributing 152 points, Topline added. According to Arif Habib Limited (AHL), the week commenced with the decline in KSE-100 into the support range of 137.2-138.2k. Some 42 shares rose while 56 fell, with HBL (+2.13%), Engro Fertilisers (+0.79%) and Pakistan Aluminium Beverage Cans (+5.47%) contributing the most to index gains. On the flip side, FFC (-1.48%), UBL (-1.06%) and OGDC (-0.94%) were the biggest drags, it said. According to reports, Finance Minister Muhammad Aurangzeb held meetings with US officials to negotiate Washington's demands as part of trade talks ahead of the August 1 deadline. Both parties expressed optimism that the ongoing talks would yield positive outcomes, benefiting the economies of both countries. AHL pointed out that in June 2025, power generation rose 2.1% year-on-year, reaching 13,744 gigawatt hours (GWh), compared to 13,459 GWh in June 2024. On a month-on-month basis, generation rose 8%. JS Global analyst Muhammad Hasan Ather stated that the KSE-100 index experienced a volatile session and closed down 380 points. After hitting a historic high last week, the market saw profit-taking amid investor caution. Despite a strong opening, intra-day selling erased early gains. The pullback follows a robust 3.2% weekly surge, driven by macroeconomic optimism and earnings expectations, he said. Looking ahead, the market may consolidate near current levels, with sentiment hinging on corporate earnings, economic indicators and clarity on foreign investment flows, the analyst added. Arif Habib Ltd Deputy Head of Trading Ali Najib remarked that the 135,000 level served as initial support for the KSE-100 index, backed by strong corporate earnings and consistent foreign inflows. "If this level is breached, the index may drift towards 132,000, where compelling valuations and expectations of monetary easing could help revive investor sentiment and reignite buying interest," he said. Overall trading volumes decreased slightly to 608.2 million shares compared with Friday's tally of 609.4 million. Traded value stood at Rs23.5 billion. Shares of 479 companies were traded. Of these, 193 stocks closed higher, 245 fell and 41 remained unchanged. First Prudential Modaraba was the volume leader with trading in 58.7 million shares, gaining Rs0.48 to close at Rs4.98. It was followed by K-Electric with trading in 53.2 million shares, gaining Rs0.12 to close at Rs5.43 and Pakistan International Bulk Terminal with 51.7 million shares, falling Rs0.08 to close at Rs10.06. Foreign investors sold shares worth Rs815.8 million, the National Clearing Company reported.
The National
a day ago
- Politics
- The National
Who is on the Freedom Flotilla Handala ship to Gaza?
The Handala, named after a Palestinian cartoon figure, left its final stop at Gallipoli on Sunday, carrying 21 people on board. It comes just weeks after the FFC's last aid ship, the Madleen, was intercepted by Israel while sailing in international waters. The Madleen was carrying 12 people onboard, including Swedish climate and social justice campaigner Greta Thunberg and French-Palestinian MEP Rima Hassan. READ MORE: IDF soldiers 'arrested at Tomorrowland festival over war crimes', campaign says The ship was seized by Israeli forces on June 9 and the crew were taken to Israel, where they were detained before eventually being deported. The Handala ship is bigger than the Madleen, carrying 19 citizens and two Al Jazeera journalists. Among those on board Sergio Toribio, a Spanish engineer and environmental activist who was also part of the Madleen crew. There are several politicians and human rights activists on board, as well as British-French citizen Chloe Fiona Ludden, a former UN staff member and scientist. The crew members come from 11 different countries, although some hold dual citizenship: France, Italy, Spain, United Kingdom, United States and Australia. The ship – which is registered under the name Navarn – appears to be flying a Red Ensign flag, meaning it is under UK jurisdiction. See the full list of crew members below. Who is on the Freedom Flotilla Handala ship to Gaza? Ange Sahuquet (France): Engineer and human rights activist Emma Fourreau (France / Sweden): French MEP and human rights activist Gabrielle Cathala (France): French parliamentarian and former humanitarian worker Justine Kempf (France): Nurse with "médecin du monde" Antionio La Picirella (Italy): Climate and social justice organiser Antionio Mazzeo (Italy): Teacher, peace researcher and journalist Santiago Gonzalez Vallejo (Spain): Economist and human rights activist Sergio Toribio (Spain): Engineer and environmental activist Bob Suberi (United States): Jewish US war veteran Braedon Peluso (United States): Seasoned sailor activist Christian Smalls (United States): Founder of the Amazon Labor Union Jacob Berger (United States): Jewish-American activist and creator Waad Aal Musa (United States): Al Jazeera journalist Dr Frank Romano (United States / France): International lawyer and actor Huwaida Arraf (United States / Palestine): Human rights attorney, Freedom Flotilla Coalition steering committee member Chloe Fiona Ludden (United Kingdom / France): Former UN staff member and scientist Vigdis Bjorvand (Norway): Grandmother and human rights activist Hatem Aouini (Turkey): Trade unionist and internationalist activist Mohamed El Bakkali (Morocco): Al Jazeera journalist Robert Martin (Australia): Human rights activist Tan Safi (Australia): Filmmaker and human rights activist Freedom Flotilla tracker You can track the progress of the Handala in real-time via the FFC's online tracker. The tracker is available here. The FFC will also be sharing regular updates on their social media channels.
Express Tribune
4 days ago
- Business
- Express Tribune
PSX ends flat after touching 140,000
Listen to article The Pakistan Stock Exchange (PSX) ended Friday's session on a flat note despite strong early gains as investors opted for profit-taking after the KSE-100 index touched a record intra-day high of 140,585 points. The index closed just shy of 138,600, with momentum briefly driven by institutional buying before fading in the latter half. The session was buoyed by positive macroeconomic news as Pakistan posted a current account surplus of $2.1 billion in FY25 – the highest in over two decades – largely driven by record remittances and IT exports. Analysts expect market momentum to continue amid potential of strong earnings and hopes of monetary easing, though short-term corrections may occur as valuations stretch and investors await clarity on the central bank's next move. "Stocks closed flat on institutional profit-taking in overbought shares amid foreign outflows and worries over the outcome of trade bodies' strike call against budgetary measures and taxmen powers," noted Arif Habib Corp MD Ahsan Mehanti. Reports of $23 billion in external debt repayments due in FY26 and rupee fluctuations drove bearish activity at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a decline of 68.14 points, or 0.05%, and settled at 138,597.36. Arif Habib Limited (AHL) said that the market remained flat, after briefly touching the 140,000 level during intra-day trading. Out of the actively traded stocks, 26 advanced while 73 declined. Major contributors to the index's gains included Fauji Fertiliser Company (FFC) (+4.13%), UBL (+2.3%) and Engro Holdings (+1.65%). On the flip side, Systems Ltd (-2%), Meezan Bank (-1.4%) and Hubco (-1.5%) were the major drags, it said. In terms of macroeconomic developments, Pakistan posted a current account surplus of $2.1 billion in FY25, the highest in over two decades. Looking ahead, the index shows upside potential towards 140,500, with support levels now placed in the 137,200-138,200 range, AHL added. Topline Securities' market review stated that the KSE-100 index opened on a positive note and rose to intra-day high of +1,920 points on buying by local institutions. However, profit-taking was observed in the second half of the trading session as investors came in to book profit before weekend. The top positive contribution to the index came from FFC, UBL, Engro Holdings, Pakistan Services, Pakistan Aluminium Beverage Cans and Engro Fertilisers as they cumulatively contributed +1,052 points. On the other hand, Systems Ltd, Meezan Bank, Hubco, NBP and Mari Petroleum pulled the index down by 345 points. Muhammad Hasan Ather of JS Global noted that the benchmark KSE-100 index closed flat. Investors booked profits following a record-breaking rally as the index touched intra-day high of 140,585 points. Sentiment remained buoyant on expectations of strong corporate earnings and potential monetary easing, supported by the finance minister's dovish comments. Looking ahead, market momentum is likely to persist through earnings season, though intermittent profit-taking may emerge as valuations stretch and investors await clarity on the State Bank's policy move, Ather added. Overall trading volumes were recorded at 609.4 million shares, compared with the previous day's tally of 780 million. The value of shares traded was Rs31.6 billion. Shares of 478 companies were traded. Of these, 120 stocks closed higher, 331 fell and 27 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 53.1 million shares, gaining Rs0.05 to close at Rs10.14. It was followed by First Dawood Properties with 42 million shares, losing Rs0.07 to close at Rs6.93 and Ghani Chemworld with 31.8 million shares, gaining Rs0.20 to close at Rs13.41. Foreign investors were buyers of shares worth a net Rs267.8 million, the National Clearing Company reported.
UAE Moments
5 days ago
- Politics
- UAE Moments
Everything to Know About the Handala Freedom Flotilla
The Handala, the latest vessel from the Freedom Flotilla Coalition (FFC), set sail on July 13, 2025, from Syracuse, Italy. Its aim: to break the Israeli naval blockade on Gaza and bring much-needed humanitarian aid to its besieged population. What Is the Freedom Flotilla Coalition? Freedom Flotilla Coalition is a global activist network that was launched in 2010 to end Gaza's decades‑long blockade. The organization uses civilian-led sea missions carrying aid to spotlight the humanitarian crisis and challenge the blockade. Why 'Handala'? The ship is named after Handala, the iconic barefoot Palestinian cartoon character created by Naji al-Ali. He symbolizes defiance, resistance, and the ongoing Palestinian struggle for freedom and the right of return. Route & Timeline The ship departed on July 13 from Syracuse, Sicily and had a stopover in Gallipoli, southern Italy, on July 15. Who's On Board? Around 15 volunteers from diverse backgrounds, including medics, lawyers, journalists, community organizers, and activists, underscore the mission's grassroots and non-governmental nature. Mission Objectives Break the Naval Blockade: Sail directly into Gaza waters in defiance of restrictions since 2007. Deliver Humanitarian Aid: Carry food, medicine, and essential supplies to Gaza's civilians. Raise Global Awareness: Amplify Palestinian voices and reveal the human impact of the siege. Context & Momentum Handala follows June's intercept of the FFC's previous vessel, the Madleen, boarded in international waters while carrying activists, including Greta Thunberg and MEP Rima Hassan. Israeli forces seized the Madleen, citing security concerns, prompting international protests and symbolic activism. The Handala's voyage builds on this legacy of peaceful resistance and solidarity. What's at Stake? The humanitarian crisis in Gaza is dire: shortages of food, medicine, fuel, and electricity persist, with famine warnings looming . The Handala mission is both a direct challenge to the blockade and a humanitarian lifeline, shining a light on civilian suffering. Possible Outcomes Whether you support the idea of civilian aid missions or not, the Handala Freedom Flotilla is emblematic of non-state actors confronting geopolitical crises, underlining issues of humanitarian access, civilian rights, and international law.
Arab News
5 days ago
- Business
- Arab News
Fertilizer sector fuels Pakistan stock market rally as benchmark index hits record high
ISLAMABAD: Pakistan's main stock index surged to a new record on Thursday, closing above the 138,000 mark for the first time, driven by strong institutional inflows and a sharp rally in fertilizer and blue-chip stocks, according to analysts and market data. The benchmark KSE-100 index closed at 138,665.49 points, gaining 2,285.53 points or 1.68 percent from the previous close of 136,379.96, a bullish move that traders said reflected investor optimism ahead of earnings season and growing expectations of a credit rating upgrade. Fertilizer companies led the rally, with Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT) together adding 563 points to the index. Other top contributors included United Bank Limited (UBL), Systems Limited (SYS), Engro Holdings (ENGROH), and Hub Power Company Limited (HUBC), which added another 763 points collectively, brokerage firm Topline Securities said in its daily report. 'This rally was driven by heavy institutional flows, with local investors stepping in to scoop up value,' Topline said. 'With sentiment back in high gear, today's bullish close sets an upbeat tone heading into the heart of earnings season.' Investor activity remained high with 778 million shares traded, while the total value of trades stood at Rs39.95 billion ($140.2 million). Pakistan International Bulk Terminal (PIBTL) led volumes, with 82.6 million shares exchanged during the session. Ahsan Mehanti, CEO of Arif Habib Commodities, said investor confidence was boosted by anticipated strong corporate earnings, attractive dividend expectations and government engagement with Moody's over a potential rating upgrade. 'Government affirmation over talks with industrials on budgetary measures, and the finance minister's presentation to Moody's of compelling evidence for a ratings improvement played a catalytic role in today's close,' Mehanti said.
