PMEX records first electronic rice trade
MG News | April 23, 2026 at 09:41 AM GMT+05:00
April 23, 2026 (MLN): Pakistan’s commodity market
marked a historic milestone, as the first electronic trade of a locally grown,
long-grain deliverable rice contract was successfully executed at Pakistan
Mercantile Exchange Limited (PMEX).
Nida Tirmizi, General Manager at Meskay & Femtee Trading
Company (Pvt.) Ltd., placed the first sell order.
Minutes later, at around 4:42 PM, Om Prakash, a Hindu rice trader, entered the first buy order,
completing PMEX’s inaugural electronic rice trade.
The contract was valued at Rs862,500, but its significance
extended far beyond price.
The transaction symbolized a major step toward inclusive
participation in Pakistan’s agricultural markets, transparent price discovery,
and the advancement of Shariah-compliant, delivery-based commodity trading, according
to a LinkedIn post by Khurram Zafar, CEO at PMEX.
Within an hour of the session, 16 trades were recorded, with
a total of 170 metric tonnes of rice exchanged under exchange supervision.
The pilot session is part of a broader rollout plan, with
PMEX preparing to gradually open trading to brokers and the general public.
The achievement reflects over a year of coordinated effort
by the PMEX team, alongside key stakeholders including Meskay & Femtee
Trading Company (Pvt.) Ltd., Naymat Collateral Management Company Limited, SGS,
MetaQuotes Ltd., and regulatory support from SECP.
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