KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday described the first primary market auction of the country’s one-year Ijarah Sukuk as a “resounding success” that attracted over Rs481 billion ($1.7 billion) of bids, calling it a useful addition to the product suite offered by the equity market which would further expand and solidify the investor base.
Sukuk is an Islamic financial certificate that represents ownership in a tangible asset or a pool of assets. It is similar to a bond but is structured in a way that complies with Islamic law, which prohibits interest-based transactions.
Last week, the government tapped into the Islamic bond market for retail investors by auctioning off Rs30 billion ($105.8 million) of Ijarah Sukuk at PSX in what was widely viewed as a groundbreaking development to strengthen the national economy.
The ceremony was also attended Caretaker Prime Minister Anwaar-ul-Haq Kakar and Finance Minister Dr. Shamshad Akhtar.
“The auction which took place on December 8, 2023, via the Exchange, heralds a new beginning for raising the GDS [Government Debt Security],” the PSX said in a statement. “Against the target of the Rs30 billion Sukuk, bids accepted amounted to Rs36.068 billion whereas the total bids received amounted to Rs481.307 billion.”
It said that as many as 172 investors participated in the bidding process in which 132 succeeded.
“We are truly proud of this remarkable achievement which was on the back burner for a long time,” the PSX statement quoted the finance minister as saying. “We have now succeeded in implementing the Government Debt Securities issue through the Stock Exchange with the first primary market auction of this GoP Ijarah Sukuk held on December 8, 2023. This will substantially benefit the [government] by diversifying the investor base, as well as providing new investment opportunities to investors.”
Chairman Securities and Exchange Commission of Pakistan Akif Saeed also maintained government securities constituted an important tool for the development of the capital market, adding the launch of GDS at PSX was just the beginning.
He urged the equity market, brokers, insurance companies, and asset managers to concentrate their efforts on marketing in order to attract new investors to the capital market.
PSX managing director Farrukh H. Khan said the primary market auction had generated interest from a large number of investors.
“This defines a watershed moment for the capital markets and indeed for Pakistan’s economy,” he added while expressing his gratitude to the government and the SECP.
PSX says first Islamic bond auction exceeded expectations, attracting over $1.7 billion of bids
https://arab.news/zx43q
PSX says first Islamic bond auction exceeded expectations, attracting over $1.7 billion of bids
- The auction was held at the equity market last week and was attended by the interim PM of the country
- It was viewed as a groundbreaking development that could strengthen the national economy of Pakistan
Pakistan advises Hajj pilgrims to verify approved private operators before bookings
- Private operators were allotted 89,801 slots initially but the final number was reduced to around 23,620 last month
- Due to non-compliance with Saudi regulations, private sector failed to secure accommodations by Feb. 14 deadline
ISLAMABAD: Pakistan’s Ministry of Religious Affairs has advised all pilgrims performing Hajj through private tour operators to verify the authenticity and quota approval of a particular company before making bookings and payments, state-run APP news agency said on Thursday.
The total quota granted to Pakistan for Hajj 2025 was 179,210, which is usually divided equally between the government and the private schemes. This year, however, the private Hajj quota has been significantly reduced, impacting over 67,000 pilgrims.
Private operators were allotted 89,801 slots initially, but the final number was reduced to around 23,620 last month due to non-compliance of the private sector with Saudi booking regulations and deadlines.
In a report published by the Associated Press of Pakistan (APP) on Thursday, Religious Affairs Ministry Spokesperson Muhammad Umar Butt issued guidelines for Hajj pilgrims, including verifying the authenticity and quota approval of private tour operators before making payments, visiting the ministry’s official website to confirm registration and avoiding reliance on unverified advertisements or information.
“The Ministry of Religious Affairs and Interfaith Harmony has advised all prospective pilgrims intending to perform Hajj under the private Hajj scheme to exercise utmost caution when booking packages through private tour operators (Munazzameen),” APP said.
“The advisory comes after some private organizers failed to pay dues ... within the timeline set by the Saudi Ministry of Hajj and Umrah,” because of which they did not get permission to serve as Hajj operators.
Butt added that Hajj operators should not book pilgrims beyond their approved quotas.
While a precise number of worldwide pilgrims for Hajj 2025 is difficult to determine in advance, projections suggest it will be a record-breaking year, with over 2.5 million Muslims performing the pilgrimage.
PSX sees largest single-day decline in its history on escalation in India-Pakistan conflict
- Record-breaking 6,482-point plunge on Thursday stunned Pakistan Stock Exchange, which closed at 103,527
- Market crash followed as army said it had neutralized 25 drones launched by India, with four troopers injured
KARACHI: A record-breaking 6,482-point plunge on Thursday stunned the Pakistan Stock Exchange (PSX), marking the largest single-day decline in the index’s history as investors feared escalation amid an ongoing standoff between India and Pakistan.
The bloodbath comes as Pakistan and India indulged in the worst fighting between them in decades this week, with India striking multiple locations in Pakistan on Wednesday after a deadly April 22 attack targeting tourists in Indian-administered Kashmir that New Delhi blames on its neighbor.
Pakistan, which denies any link to the Kashmir violence, said it had shot down five Indian fighter jets in retaliation. Thursday brought more violence as Pakistan said it had downed 25 drones from India overnight and New Delhi said it “neutralized” Pakistani attempts to strike military targets with drones and missiles.
“The market crash followed alarming geopolitical developments after ISPR Director General Lt Gen Ahmed Sharif Chaudhry announced that Pakistani forces had neutralized 25 drones sent by India,” Topline Securities said in its daily market review.
“He also confirmed that four army personnel were injured after one drone managed to partially strike a military target, despite the majority being intercepted.”
The statement sent shockwaves through financial markets, triggering widespread panic selling as investors rushed to offload positions, leading to a broad-based decline across sectors.
Pakistan’s benchmark KSE-100 Index started the day with a 1.7 percent rally but turned bearish and slumped as much as eight percent after reports of India’s drone strikes triggered panic selling at the bourse.
The stock gauge, bullish otherwise, ended the day with a 5.89 percent decline to 103,526, according to PSX data.
The selling pressure came largely from leveraged investors, Shahid Ali Habib, the chief executive officer at Arif Habib Ltd., told Arab News.
“Pakistan’s stocks are under pressure as it now seems that Pakistan will also go on to respond [to India] and that response will also escalate further,” he said.
“It’s not going to end actually soon and the escalation is happening.”
However, Habib said he expected a “sharp rebound” for Pakistan’s stocks once a third party like the US or longtime ally China mediated and defused the conflict.
The renewed geopolitical tension has caused Pakistan’s market to fall about 12 percent from April 23 to May 8.
The latest conflict with India is a setback for Prime Minister Shehbaz Sharif’s effort to revive the country’s debt-ridden economy through increasing revenues and exports with the help of an International Monetary Fund’s $7 billion reforms-oriented loan program.
Pakistan postpones PSL match after Indian drone shot down near Rawalpindi Cricket Stadium
- Pakistan military said on Thursday it had shot down 25 Israeli-made Harop drones launched by India at multiple locations
- One drone was shot down over garrison city of Rawalpindi where Peshawar Zalmi And Karachi Kings match was to take place
KARACHI: The Pakistan Cricket Board has rescheduled the HBL PSL X match between Peshawar Zalmi and Karachi Kings after Pakistan shot down an Indian drone near the Rawalpindi Cricket Stadium where the game was set to take place today, Thursday.
The Pakistan military said on Thursday it had shot down 25 Israeli-made Harop drones launched by India at multiple locations. One drone was shot down over the garrison city of Rawalpindi, military spokesman Lt. Gen. Ahmed Sharif Chaudhry said in a televised statement. Rawalpindi is home to the Pakistan army’s heavily fortified headquarters.
The drone was shot down near the Rawalpindi Cricket Stadium.
“The PCB will announce the revised date in due course,” the cricket board said, saying VIP Gallery and enclosures ticket holders could obtain refunds from TCS Express Centers while tickets bought online would be automatically reimbursed in the accounts used at the time of booking.
The PCB’s statement did not mention the drone attacks, but the postponement comes in the wake of violence between neighbors India and Pakistan, who this week have engaged in the worst direct military confrontation in decades.
Fighting has escalated between the nuclear-armed neighbors since Wednesday when India said it struck nine “terrorist infrastructure” sites in Pakistan, some of them linked to an attack by militants that killed 26 in Indian-administered Kashmir on Apr. 22. Pakistan said 31 people were killed in the Indian strikes and vowed to retaliate, subsequently saying it had shot down five Indian aircraft and a combat drone.
On Thursday, the Pakistan army said India was “attacking Pakistan with Israeli-made Harop drones in panic” while India’s defense ministry said Islamabad had launched an overnight air attack using “drones and missiles” before New Delhi retaliated to destroy an air defense system in the eastern city of Lahore. The Pakistani defense minister has rejected India’s claims.
Flight operations shut at several Indian airports, IPL match moved amid Pakistan standoff
- Several airports in northern India have been closed after New Delhi launched strikes on neighboring Pakistan on Wednesday
- Match between Mumbai Indians and Punjab Kings was due to take place in Dharamsala, where the airport has closed
NEW DELHI: India’s IPL cricket match on Sunday between Mumbai and Punjab has been moved to Gujarat, local media reported on Thursday, while airlines suspended flight operations from more than two dozen airports across northern and western regions of the country amid heightened tensions with Pakistan.
The match between Mumbai Indians and Punjab Kings was due to take place in Dharamsala, where the airport has closed in the wake of violence between India and neighboring Pakistan.
But Thursday evening’s match between Punjab Kings and Delhi Capitals, which is also set to take place in Dharamsala, will proceed as planned, as will all other games in coming days.
Sunday’s match will now be played in the city of Ahmedabad in the western state of Gujarat, the state’s cricket association secretary Anil Patel told the Press Trust of India news agency on Thursday.
Several airports in northern India have been closed after New Delhi launched strikes on neighboring Pakistan on Wednesday.
In adviseries to passengers, key domestic airlines said their flights will remain suspended until Saturday from airports including Amritsar in northern Punjab and Srinagar in India-controlled Kashmir, bordering Pakistan.
India’s Civil Aviation Ministry hasn’t officially commented on the closure of airports after tensions flared up with Pakistan. A spokeswoman for the ministry, Beena Yadav, declined to comment on Thursday.
Indigo, the country’s biggest domestic carrier, on Wednesday canceled 165 flights, while Air India and Air India Express had a similar number of cancelations. Air India even diverted two of its international flights enroute from Amritsar, close to Lahore, to New Delhi, because of the sudden closure of the airport.
The strikes on Wednesday came two weeks after New Delhi blamed Islamabad for backing an attack on tourists in the Indian-administered side of disputed Kashmir, a charge Pakistan denies.
The arch-rivals have since exchanged fire across their contested border in Kashmir. The violence has raised fears of a wider conflict between the nuclear-armed neighbors.
Pakistan says shot down 25 drones, India says destroyed air defense system in Lahore
- Pakistan army says Israeli-made drones neutralized in at least nine locations including Lahore and near Karachi
- Indian defense ministry says “targeted air defense radars and systems at a number of locations in Pakistan” overnight
KARACHI: The Pakistan military said on Thursday it had shot down 25 Israeli-made Harop drones launched by India at multiple locations, while India said it had “neutralized” Pakistan’s attempts to strike military targets with drones and missiles.
Fighting has escalated between the nuclear-armed South Asian neighbors since Wednesday when India said it struck nine “terrorist infrastructure” sites in Pakistan, some of them linked to an attack by militants that killed 26 in Indian-administered Kashmir on Apr. 22. Pakistan said 31 people were killed in the Indian strikes and vowed to retaliate, subsequently saying it had shot down five Indian aircraft and a combat drone.
The conflict between India and Pakistan has been confined in recent decades mostly to the disputed mountainous region of Kashmir. But the air strikes on Wednesday morning, which also hit the towns of Bahawalpur and Muridke in the heart of the country, were seen in Islamabad as a major escalation.
Early on Thursday morning, reports started emerging from multiple Pakistani cities of explosions and firing, including the two largest cities of the country, Karachi and Lahore.
The military’s media wing subsequently confirmed that India was “attacking Pakistan with Israeli-made Harop drones in panic.”
The Harop is a standoff loitering munition attack weapon system designed to locate and precisely attack targets, manufactured by Israel Aerospace Industries.
“So far, 25 Israeli-made Harop drones have been shot down by the Pakistani army’s soft kill (technical) and hard kill (weapons),” the army said in a statement. “The debris of Israeli-made Harop drones is being collected from different areas of Pakistan.”
In the context of military defense, hard kill refers to destroying or neutralizing an incoming threat, such as a missile or drone, by physically destroying it or its components. Soft kill, on the other hand, aims to defeat the threat by disrupting its guidance or communication signals, often using electronic countermeasures or decoys.
One drone was shot down over the garrison city of Rawalpindi, military spokesman Lt. Gen. Ahmed Sharif Chaudhry said in a separate televised statement. Rawalpindi is home to the Pakistan army’s heavily fortified headquarters.
One drone hit a military target near Lahore, the capital and largest city of the province of Punjab, and the second-largest city in Pakistan after Karachi. Four personnel of the Pakistan army were injured in this attack, Chaudhry added.
Other places where drones were neutralized were Gujranwala, Chakwal, Attock, Bahawalpur, Miano, Chor and near Karachi, which the country’s largest city and commercial capital.
“As we speak, the process of India sending across these Harop drones, this naked aggression, continues, and the armed forces are on a high degree of alert and neutralizing them,” the army spokesman said.
Earlier in the day, police reported a civilian casualty in the southern Sindh province, also confirmed by Chaudhry, when a drone crashed in the Sarfaraz Leghari village, located in Ghotki district.
“This morning, a drone fell over two villagers... killing one man and injuring another,” Senior Superintendent of Police Dr. Samiullah Soomro told Arab News over the phone, saying more details would be confirmed following a visit to the site.
“INDIAN RESPONSE”
India’s defense ministry said in a statement on Thursday Pakistan had launched an overnight air attack using “drones and missiles,” before New Delhi retaliated to destroy an air defense system in Lahore.
“Pakistan attempted to engage a number of military targets ... using drones and missiles,” according to the statement, adding that “these were neutralized” by air defense systems.
New Delhi said areas targeted included sites in Indian-administered Jammu and Kashmir, and India’s Punjab state, including the key cities of Amritsar, Ludhiana, Chandigarh, as well as Bhuj in Gujarat state.
“The debris of these attacks is now being recovered from a number of locations,” it added.
The defense ministry said on Thursday morning its military had “targeted air defense radars and systems at a number of locations in Pakistan,” saying the “response has been in the same domain, with the same intensity, as Pakistan.”
It added that it had been “reliably learnt that an air defense system at Lahore has been neutralized.”
Pakistani Defense Minister Khawaja Asif has rejected the claims, saying there was no damage to air defenses in Lahore.
Pakistani authorities have not yet commented on this.
India also accused Pakistan of having “increased the intensity of its unprovoked firing across the Line of Control using mortars and heavy caliber artillery” across the de facto border in Jammu and Kashmir
India said the number of people who had been killed by Pakistani firing since the escalation of violence on Wednesday had risen to 16, including three women and five children.
Speaking in parliament, Pakistani Information Ministers said Pakistan had killed 40-50 Indian soldiers and destroyed a brigade headquarter along the Line of Control, the de facto border that divides Kashmir between the two nations. The claims could not be independently verified.
India and Pakistan have fought three wars in the past, two of them over Kashmir, which they both claim in full but rule in part.
Since April 22, they have intensified firing and shelling across the Line of Control.
For decades India has accused Pakistan of supporting militants in attacks on Indian interests, especially in Indian-administered Kashmir. Pakistan denies such support and in turn accuses India of backing separatist and other insurgents in Pakistan, which New Delhi denies.
With inputs from AFP and Reuters
