Pakistan, July 24 -- The federal government on Wednesday raised Rs239.325 billion through the inaugural auction of its Short-Term Government of Pakistan (GoP) Hybrid Sukuk, "marking a new milestone in Pakistan's Islamic capital market".

The auction was conducted by the Pakistan Stock Exchange (PSX) on behalf of the Ministry of Finance (MoF), said PSX. According to the auction results, the sale attracted bids worth Rs770.234 billion (face value), equivalent to a realised value of Rs741.287 billion, highlighting strong participation from institutional investors.

The government accepted bids amounting to Rs239.325 billion.

Market participants attributed the strong response to improving liquidity conditions and sustained appetite among ins...