PSX benchmark index closes almost flat despite volatility

Pakistan Stock Exchange (PSX) experienced volatility throughout the week amid border tensions with Afghanistan, declining initially before rebounding sharply by 4,900 points in the final session following positive news of a potential ceasefire. It ultimately closed at 161,632 points, down 1% during the week.

Average daily traded volumes contracted by 14.7%WoW to 1,564 million shares despite roll over week as investors remained cautious.

The key highlight was the decision by State Bank of Pakistan (SBP) to maintain the policy rate at 11%, broadly in line with expectations.

Pakistan-Afghanistan negotiations in Istanbul concluded with a truce under certain conditions, easing geopolitical tensions.

Meanwhile, authorities assured the IMF of additional PKR200 billion in revenue measures if 1HFY26 tax targets fall short.

In the T-Bill auction, the SBP raised PPR1.0 trillion, with yields falling 11bps on 1-month paper but rising 10bps on 12-month tenor.

Foreign exchange reserves held by SBP declined by US$16 million to US$14.5 billion as of October 24, 2025.

AKD Securities foresees the momentum in the benchmark index to continue given successful staff-level agreement of the IMF’s second review, minimal flood impact and improved credit ratings by global agencies amid falling fixed income yields.

Investors’ sentiments are expected to further improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

This outlook is supported by the lack of alternative investment avenues and the attractive valuation of local equities.

Top picks of AKD Securities include MEBL, MCB, HBL, OGDC, PPL, PSO, FFC, ENGROH, LUCK, DGKC, FCCL, SYS and INDU.

 

Why Pak-Afghan Conflict Remains Unresolved?

The conflict between Pakistan and Afghanistan remains unresolved because it is rooted in a mix of historical disputes, mutual mistrust, and competing security interests that have persisted for decades. Despite cultural, religious, and economic linkages, both nations continue to view each other with suspicion rather than cooperation.

At the heart of the problem lies the Durand Line, drawn by the British in 1893 and inherited by Pakistan after independence. Afghanistan has never formally recognized it as an international border, claiming it divides the Pashtun population. Pakistan, however, considers the frontier legally settled. This disagreement has become a symbol of deeper political and ethnic tensions.

The Pashtun question adds another layer of complexity. The tribes on both sides share linguistic and familial ties, but political narratives have often turned these affinities into instruments of rivalry. Pakistan fears Afghan nationalism could spill over its borders, while Kabul perceives Pakistan’s involvement as interference in its internal affairs.

Security concerns have long overshadowed diplomacy. Since the Soviet invasion of 1979, Pakistan has played a key role in Afghan affairs, hosting millions of refugees and supporting various political factions. Yet, both sides accuse each other of harboring hostile groups — Pakistan blames Afghanistan for sheltering the Tehreek-e-Taliban Pakistan (TTP), while Kabul accuses Islamabad of backing insurgents. This cycle of allegations has eroded trust.

The Taliban’s return to power in 2021 initially raised hopes for stability, but their refusal to recognize the Durand Line and restrain TTP activities has renewed friction. Meanwhile, regional players — including India, Iran, China, and the United States — continue to shape dynamics that complicate bilateral understanding.

For lasting peace, both countries must shift from blame to dialogue, strengthen border management, and build economic interdependence through trade and connectivity. The Pak-Afghan relationship should not remain hostage to history; instead, it should evolve into a partnership anchored in mutual respect and regional stability.

Only through sustained diplomacy, trust-building, and shared development goals can Pakistan and Afghanistan transform a troubled past into a cooperative future.

 

 

No One Is Talking About Gaza

The world seems to have forgotten Gaza. The much-trumpeted ceasefire was never peace—it was merely a pause, a calculated silence that allowed Israel to continue its assault under softer headlines. Killings, raids, and blockades persist, but the outrage has vanished. Western media, once overflowing with images of destruction, now devotes its front pages to Trump’s political theatrics and market gossip. This apathy is not accidental; it reflects selective morality and political convenience. When Ukraine suffers, it’s front-page news; when Gaza bleeds, it disappears. The ceasefire was not an end to violence but a rebranding of it—acceptable to Western capitals and ignored by global media. Gaza remains trapped between occupation and silence, its tragedy erased by those who claim to defend human rights.

When the so-called Gaza ceasefire was announced, the world sighed in relief. On October 16, 2026, I wrote “Gaza: Ceasefire Brings Pause, Not Peace.” Sadly, that assessment has proved accurate. What was projected as a humanitarian breakthrough has merely given Israel a quieter stage to continue its aggression—less visible, but equally lethal.

Killings, arrests, and systematic strangulation of Gaza’s population have not stopped. Reports by independent observers describe continued night raids, targeted assassinations, and a tightening blockade that deprives millions of food, medicine, and fuel. Yet, the international community acts as if peace has returned. It hasn’t. What returned is complacency—disguised as relief.

The Western media, once saturated with vivid images of destruction, has conveniently moved on. Its focus has shifted to Trump’s political drama, Wall Street turbulence, and AI-driven optimism. The suffering of Gaza has simply fallen off the editorial map. This silence is not a lapse; it is a choice. It reflects a hierarchy of human lives—a moral framework where victims matter only if their suffering fits Western narratives.

The tragedy is not only Israel’s continued impunity but also the media’s complicity in erasing it. The same outlets that once counted every missile strike now seem allergic to truth when it no longer serves their political comfort. When Ukraine bleeds, headlines multiply; when Gaza starves, the world looks away.

This selective blindness reveals a deeper sickness in global conscience. Human rights, it appears, are not universal—they are conditional, determined by who the victim is and who the perpetrator happens to be. Western capitals that preach democracy and humanitarian values have reduced Palestine to a talking point, not a principle.

Silence is not neutrality; it is endorsement. Every unreported killing, every censored image, every muted appeal strengthens the aggressor’s hand. Israel understands this perfectly. A quiet Gaza allows it to deepen occupation policies without scrutiny. And the world, addicted to short attention spans, gives it exactly that space.

International organizations remain trapped between bureaucratic inertia and political pressure. The so-called peace architects, who engineered the fragile ceasefire, have vanished from the scene. For them, “mission accomplished” meant restoring calm, not justice.

The truth is harsh: Gaza has been abandoned again—this time not under bombs, but under silence. Western media’s shift of focus from genocide to gossip exposes the moral decay of an information system guided by profit and politics, not by conscience.

Until the world admits that a ceasefire without accountability is merely an intermission between massacres, Gaza will remain a scar on the world’s conscience—a living reminder of how easily human suffering can be ignored when it is politically inconvenient.

 

 

 

 

Billionaires vs. Mamdani: Democracy for Sale

The billionaire class is spending millions to block Zohran Mamdani’s rise — not because he threatens New York City’s stability, but because he threatens their supremacy. Mamdani’s agenda of taxing the ultra-rich to fund housing, public transit, and child care strikes at the heart of a system that lets the few profit while the many struggle. His opponents — hedge-fund moguls, property tycoons, and Wall Street donors — are pouring unprecedented sums into super PACs to drown out a movement built on ordinary citizens.

This isn’t about protecting the economy; it’s about protecting privilege. The same billionaires who hoard wealth offshore suddenly claim to care about fiscal discipline. Their fear is ideological — that Mamdani’s victory will prove that grassroots politics can defeat corporate cash. They see democracy not as a marketplace of ideas, but as an asset they can buy, trade, and hedge against.

By weaponizing money to silence dissenting voices, they expose the fragility of American democracy. A candidate advocating fairness is branded a threat, while those funding inequality are hailed as “defenders of growth.” The irony is suffocating.

Mamdani’s campaign is more than a local contest — it’s a referendum on whether voters or billionaires rule America. Every dollar spent against him is a vote against equality, against the idea that power should serve the people, not purchase them. If billionaires succeed in crushing his candidacy, it will not be a victory for democracy — it will be its price tag.

China’s key role in development of Asia Pacific rim

Ahead of the 32nd APEC Economic Leaders' Meeting, set to be held in Gyeongju, South Korea, from October 31 to November 01, CGTN has published an article highlighting how China has continuously injected stability and fresh momentum to the development of the Asia-Pacific region over the years.

Just days after the fourth plenary session of the 20th Central Committee of the Communist Party of China (CPC) concluded in Beijing, Chinese President Xi Jinping is going to make his first overseas trip since the CPC plenum — to attend the 32nd APEC Economic Leaders' Meeting and to pay a state visit to South Korea from October 30 to November 01.

As the session reaffirmed China's long-term vision and steady commitment to sharing growth opportunities with the world, observers are watching closely to see how China's leadership will bring new energy to Asia-Pacific development and help guide the region through increasing geopolitical and economic challenges.

"There has never been a more critical time for APEC," said Eduardo Pedrosa, executive director of the APEC Secretariat, in a recent interview. He expressed his anticipation of President Xi's participation, emphasizing that China has long been a strong supporter and contributor to APEC.

Openness and connectivity for win-win cooperation

On the Pacific coast of Peru, the Chancay Port — South America's first smart and green port — will soon celebrate its first anniversary of operation. Described as a "New Inca Trail," the project has created new trade routes between Latin America and Asia, serving as a clear example of openness and connectivity in the Asia-Pacific.

When President Xi attended the 31st APEC Economic Leaders' Meeting in Lima in 2024, he watched the port's opening via video link. He has called for fully utilizing APEC's role as an "incubator of global economic and trade rules," promoting regional integration and connectivity, and removing barriers to the free flow of trade, investment, technology, and services.

For decades, China has been a positive force for openness in the Asia-Pacific. In the first three quarters of 2025, China's trade with other APEC economies increased by 2 percent year-over-year, reaching 19.41 trillion yuan (US$2.73 trillion), or 57.8 percent of its total trade. The ongoing growth of goods ranging from textiles to electronics and auto parts reflects the region's strong shared opportunities.

China's actions reflect its consistent stance against protectionism and unilateralism. From the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP) to proactive steps toward joining the CPTPP and Digital Economy Partnership Agreement (DEPA), Beijing has been contributing Chinese strength to building an open Asia-Pacific economy.

Driving innovation to share development opportunities

At the 2023 APEC CEO Summit, President Xi urged regional economies to "seize the opportunities of the new technological revolution" and to work together to promote digital, intelligent, and green transformation. He emphasized the importance of strengthening scientific and technological cooperation and creating an open, fair, and non-discriminatory environment for innovation.

This vision is gaining ground across the region. At the 22nd China-ASEAN Expo, 62 projects involving new energy, artificial intelligence, and advanced materials were signed — many focused on joint R&D rather than just trade. In Chile, Chinese-made double-decker electric buses played a key role in transporting people during the 19th Pan American Games in Santiago, providing clean energy for a continental sporting event and demonstrating China's sustainable technologies on a global scale.

Herman Tiu Laurel, president of the Asian Century Philippines Strategic Studies Institute, a Manila-based think tank, observed that China's high-tech innovation and green transition open new frontiers for supply chains and create fresh opportunities for Asia-Pacific economies.

Fostering inclusive growth for shared prosperity

In late September, a China-supported Juncao and upland rice demonstration center was opened in Goroka, the capital of Papua New Guinea's Eastern Highlands Province. The project, a new achievement in China-Papua New Guinea collaboration on poverty reduction, is helping local communities boost food security and build sustainable livelihoods. It provides a glimpse into how China's development approach is changing lives across the Asia-Pacific.

President Xi has reaffirmed that common development remains the main goal of Asia-Pacific cooperation. Following this vision, China has been actively taking action rather than just promoting the idea.

From advancing initiatives within APEC to increase household income and promote cluster-based growth among small and medium-sized enterprises, to inviting Asia-Pacific partners to join the Global Development Initiative (GDI), China has consistently strengthened collaboration in poverty reduction, food security, industrialization, and development financing with regional economies to maintain steady momentum in the region's pursuit of shared prosperity.

Asia Pacific leaders meeting in South Korea

Leaders from 21 Pacific Rim economies will gather this week in Gyeongju, South Korea, for the Asia-Pacific Economic Cooperation, or APEC, forum.

Meetings have begun on Monday and will run through Saturday. Talks are expected to be overshadowed by US President Donald Trump's sweeping global tariffs and high-stakes trade standoffs with China and other nations.

Trump will arrive on Wednesday but is scheduled to depart before the APEC leaders' summit itself. He is expected to see Chinese President Xi Jinping for their first in-person meeting of Trump's second term, as the two countries seek to dial down trade tensions.

The following are facts about the APEC meeting:

APEC, which was founded in 1989, has 21 members that represent more than 50% of global GDP and are home to some 2.7 billion people, or 40% of the world's population. China, Russia and the United States are three of the group's largest members. The APEC region generated 70% of the world's economic growth during its first 10 years of existence.

Leaders of the countries meet annually. The last gathering was in November 2024 in Peru, dominated by worries over the incoming Trump administration's vows to enact tariffs and reverse course on issues like climate change.

The economic club aims to encourage cooperation and reduce trade and investment barriers, though decisions made at meetings are non-binding and consensus has been increasingly difficult. South Korea says it wants to use this year's forum to discuss supply chains, the World Trade Organization's role in fostering a free and fair-trade environment, as well as advancing the Free Trade Area of the Asia-Pacific, an agreement designed to eventually include all APEC members.

The agenda also includes topics like adapting to digital change, harnessing artificial intelligence, sustainable energy, food supplies, responding to demographic shifts and increasing opportunities for women and people with disabilities.

South Korea is hosting Trump and Xi for state visits and it is hoping to make progress on a trade deal with the US President, Lee Jae Myung has suggested Trump use the visit to engage with North Korean leader Kim Jong Un, but it is unclear whether a meeting will happen.

Dichotomy of Western Media

The Western media’s claim of being the custodian of truth and free expression has long lost its moral weight. What remains is a sophisticated machinery of selective storytelling that serves political convenience rather than journalistic integrity. The recent contrast between the “royal welcome” headlines of Donald Trump’s visit to Japan and the near-total blackout of mass demonstrations against him during the ASEAN summit speaks volumes about this duplicity.

When Trump landed in Tokyo, Western networks and newspapers competed to romanticize his reception — highlighting ceremonial gestures, lavish banquets, and supposed diplomatic warmth. Yet, when he visited Southeast Asia shortly after, facing widespread protests and public outrage, the same media either looked away or buried the story in a few inconspicuous lines. The silence was not accidental; it was calculated.

This pattern exposes the deep bias embedded in Western media — a bias not of ideology alone but of power. Stories that reinforce Western dominance are amplified, while narratives that challenge its legitimacy are suppressed. Such editorial selectivity does not merely distort facts; it shapes public consciousness and global opinion in favor of Western interests. It turns journalism from a public service into an instrument of geopolitical influence.

The hypocrisy is glaring. Western outlets spare no opportunity to lecture developing nations on press freedom and transparency, yet they themselves censor, filter, and manipulate when the truth threatens to unsettle their political comfort. They spotlight dissent in non-Western capitals but turn blind when protests erupt against their own leaders or allies.

In the age of digital information, this arrogance is being exposed. Independent media from Asia, Africa, and Latin America are challenging the monopoly of Western narratives, revealing what global audiences were never meant to see. The supposed guardians of democracy in media now stand accused of practicing the very propaganda they denounce elsewhere.

Until the Western media learns to report with honesty — not through the lens of self-interest — its sermons on “press freedom” will continue to sound hollow, and its credibility will keep eroding. The world no longer accepts selective truth as journalism.