ISLAMABAD: Pakistan’s military said on Tuesday Indian jets had violated the de facto border between the two countries but “released a payload” and “hastily escaped” after Pakistan scrambled its own jets after them.
The early morning assault, which Pakistan’s army spokesman said had not caused any damage or casualties, comes after days of simmering tensions between Pakistan and India over a Feb 14 suicide bombing in the disputed Kashmir region in which 40 Indian paramilitary troopers were killed.
The attack was claimed by Jaish-e-Mohammed militant group. New Delhi blamed Islamabad for the assault and promised a “strong response.” Pakistan denies any state complicity.
“Indian Air Force violated Line of Control. Pakistan Air Force immediately scrambled. Indian aircrafts gone back,” Pakistani military spokesman Major General Asif Ghafoor said.
He said the Indian aircraft “intruded from Muzafarabad sector,” an area in the Pakistan-administered part of Kashmir, but faced a “timely and effective response from Pakistan Air Force.”
While escaping, Ghafoor said, the Indian jets “released payload … which fell near Balakot” in Pakistan-administered Kashmir.
“Indian aircrafts’ intrusion across LOC in Muzafarabad Sector within AJ&K was 3-4 miles,” he said in another tweet. “Under forced hasty withdrawal aircrafts released payload which had free fall in open area.”
Ghafoor also tweeted pictures of what he said was the payload released by the “hastily escaping Indian aircrafts.”
The strikes raised the possibility of military escalation between the nuclear-armed neighbors who have fought three wars since they gained independence from the British in 1947, two of them over the disputed Kashmir region.
Reuters reported that India’s defense ministry said it had no information about Pakistan’s claims.
But ANI, an Indian news agency, quoted Indian Air Force sources as saying at least twelve Indian jets entered Pakistan at around 3.30 a.m. on Tuesday morning and “struck a major terrorist camp … and completely destroyed it.”
“12 Mirage 2000 jets took part in the operation that dropped 1000 Kg bombs on terror camps across LOC, completely destroying it,” ANI said in one of several tweets about the alleged strikes.
Although exchanges of artillery and light weapons on the Line of Control are not uncommon, Tuesday’s statement from the Pakistan army is a rare public announcement of an attempted airstrike by arch-rival India.
In September 2016, India said it had conducted “surgical strikes” on militants in Pakistan it suspected of preparing to infiltrate into the part of Kashmir it controls. Pakistan completely rejected the claim.
The alleged strikes followed a militant attack on an army base in Uri near LOC that killed 17 soldiers.
Pakistan says Indian Air Force violated airspace, escalating tensions
Pakistan says Indian Air Force violated airspace, escalating tensions
- Pakistan scrambled jets in response, India “hastily escaped”, Military spokesman says.
- Indian news agency says 12 jets entered Pakistan and destroyed “terror camps”
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
