Pakistan explores collaboration opportunities with UAE-based banks for economic growth 

ISLAMABAD: Pakistan’s foreign office spokesperson on Monday rejected “baseless” reports by the Indian media which claimed Islamabad had deployed its nuclear-capable ‘Shaheen’ missile against India in the recent conflict between the two countries. 

India and Pakistan were involved in the worst fighting between the two nuclear-armed neighbors since 1999 earlier this month. Both Pakistan and India struck each other with missiles, fighter jets, drones and artillery fire for four days before US President Donald Trump announced a ceasefire on May 10. 

The Indian Army shared a video on Twitter on Sunday purportedly showing the use of Pakistan’s Shaheen missile. The video was picked up by several Indian media outlets, such as NDTV and News Arena India. 

The Indian Army, however, deleted the video from its Twitter account upon realizing “the claim was unsubstantiated,” Pakistan’s foreign office said. 

 “The Ministry of Foreign Affairs has firmly rejected the unfounded allegations circulating in certain segments of the Indian media, which falsely claim that Pakistan employed the Shaheen missile during Operation Bunyanun Marsoos (BM),” the foreign office spokesperson said. 

He said some Indian outlets have continued to propagate the “misinformation,” noting that the Indian Army has not offered any clarification or retraction on the matter. 

“Analysts observe that such disinformation campaigns are part of a deliberate attempt to obscure India’s setbacks in Operation Sindoor, which were a result of Pakistan’s demonstrated conventional military capabilities,” it said. 

“Additionally, these fabricated stories align with New Delhi’s ongoing efforts to promote a misleading narrative regarding the ceasefire and baseless allegations of so-called ‘nuclear blackmail’ by Pakistan.”
 
The foreign office said Pakistan Army had mentioned the use of the weapons it used against India in a press release issued by the military’s media wing on May 12. 

It said the army used precision-guided, long-range Fatah series missiles— F1 and F2— as well as advanced munitions, highly capable long-range loitering killer drones and precision long-range artillery. 

“Disseminating unverified and inflammatory content not only undermines regional stability but also reflects poorly on the professionalism of official institutions,” the foreign office said. 

India’s defense minister last week urged the International Atomic Energy Agency to take charge of Pakistan’s nuclear weapons, calling Pakistan an “irresponsible and rogue” nation.

Pakistan responded by saying that India’s “irresponsible remarks reveal his profound insecurity and frustration regarding Pakistan’s effective defense and deterrence against Indian aggression through conventional means.”

Both India and Pakistan have fought two out of three wars since 1947 over the disputed Himalayan territory of Kashmir. They both administer parts of the territory but claim it in full.

ISLAMABAD: The Pakistan Stock Exchange (PSX) surged by only 0.03 percent when trading ended on Monday, with a financial analyst attributing it to “slower trading activity” as investors remain cautious ahead of the upcoming federal budget to be announced by the government. 

Pakistan’s federal budget for the next fiscal year, starting July, will be finalized within the next three weeks. Pakistan’s scheduled budget talks with the International Monetary Fund (IMF), which began on May 14 are scheduled to take place till May 23, the finance ministry had said.

The KSE-100 index surged by 40.49 points or 0.03 percent to reach 119,689.63 points when the market closed at 4 p.m. on Monday, data from the Pakistan Stock Exchange (PSX) said. 

“The KSE100 has started the week on a muted note, which is reflecting in slower trading activity,” Raza Jafri, head of Intermarket Securities, told Arab News.

“It is possible that investors are waiting for the FY26 Budget, expected in early June, before they become more active.”

Pakistan’s stock market suffered an upheaval triggered by the most intense military row between Pakistan and India in years earlier this month. The two nuclear-armed nations agreed to a US-brokered ceasefire on May 10 after pounding each other with missiles, drones, artillery and fighter jets for four days. 

The crisis triggered a 12 percent decline in the Pakistani stock market from April 23 till May 8.
However, the market recovered nearly all of its losses last week, climbing more than 3,500 points.