Shares on PSX slide 421 points as HBL faces liability in US court for terror financing
Shares at the Pakistan Stock Exchange (PSX) closed in the red on Thursday, with analysts saying investor sentiment was weighed down by news of the country’s largest bank, Habib Bank Limited (HBL), facing secondary liabilities in a terror financing case in the United States. The benchmark KSE-100 index closed at 41,013.86 points, down 421.27 points, or 1.02 per cent. The index saw an intraday low of 524.31 points, or 1.26pc, around 2:30pm. First National Equities Limited Director Amir Shehzad said the stock market was under pressure due to HBL-related news. HBL’s shares lost Rs6.11 or 7.50pc. A day earlier, a US judge said HBL faces secondary liabilities in a terror financing case in which the plaintiffs had alleged the bank aided and abetted al-Qaeda terrorism and joined in a conspiracy to launch attacks that killed or injured 370 people in Afghanistan between 2010 and 2019. However, in a statement, HBL said the allegations were “meritless”, adding that the bank was contesting them fully and vigorously. “The court stated secondary liabilities will be evaluated following due legal proceedings and no judgement was passed by the court on this matter,” it stated.
Shares on PSX slide 421 points as HBL faces liability in US court for terror financing
Shares at the Pakistan Stock Exchange (PSX) closed in the red on Thursday, with analysts saying investor sentiment was weighed down by news of the country’s largest bank, Habib Bank Limited (HBL), facing secondary liabilities in a terror financing case in the United States. The benchmark KSE-100 index closed at 41,013.86 points, down 421.27 points, or 1.02 per cent. The index saw an intraday low of 524.31 points, or 1.26pc, around 2:30pm. First National Equities Limited Director Amir Shehzad said the stock market was under pressure due to HBL-related news. HBL’s shares lost Rs6.11 or 7.50pc. A day earlier, a US judge said HBL faces secondary liabilities in a terror financing case in which the plaintiffs had alleged the bank aided and abetted al-Qaeda terrorism and joined in a conspiracy to launch attacks that killed or injured 370 people in Afghanistan between 2010 and 2019. However, in a statement, HBL said the allegations were “meritless”, adding that the bank was contesting them fully and vigorously. “The court stated secondary liabilities will be evaluated following due legal proceedings and no judgement was passed by the court on this matter,” it stated.