Buying from local mutual funds plays key role in supporting the market’s upward trend
The Pakistan Stock Exchange (PSX) stretched its positive momentum on Tuesday, with the benchmark KSE-100 index rising by 860 points, or 0.46%, to close at an all-time high of 188,621.78 on the back of improved investor sentiment.
The market remained active throughout the session, supported by sustained buying interest. However, trading was marked by volatility, as the index moved between an intraday high of 188,958.38 and a low of 187,192.02. Despite intermittent profit-taking, the index managed to hold gains and finish in positive territory.
Market sentiment remained constructive, underpinned by easing geopolitical concerns, improving macroeconomic indicators, and expectations of a potential policy rate cut. Buying from local mutual funds, as reflected in recent flow data, played a key role in supporting the market’s upward trend.
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Overall, investor participation stayed firm, with selective institutional interest helping the market absorb deep swings and close higher.
KTrade Securities wrote in its market wrap that the PSX extended its bullish momentum during today’s trading session. Market participation improved, with all-share traded volumes rising 2.3% DoD to 1,226 million shares.
Select stocks drew interest on the back of recent corporate developments, including exploration updates in the E&P space and new launches in autos, while broader participation reflected a renewed inclination toward blue-chip stocks.
Heavy stocks such as Engro Holdings, Pakistan Petroleum, Sazgar Engineering, Oil and Gas Development Company and Pakistan State Oil collectively added 661 points to the index. Going forward, the market remains sensitive to external developments, and any renewed geopolitical escalation could introduce near-term volatility, KTrade predicted.
Overall trading volume increased to 1.225 billion compared with Monday’s figure of 1.19b. Value of traded shares stood at Rs63.8b. Shares of 487 companies were traded. Of these, 340 rose, 213 declined and 34 remained unchanged. Hascol Petroleum was the volume leader, with trading in 113m shares, rising Rs2.5 to close at Rs27.47.
Prime Minister Muhammad Shehbaz Sharif chairs a meeting regarding civil service reforms on July 18, 2025. — APP
Civil service reform panel divided over specialised recruitment.
PM briefed on rift over future of Pakistan’s bureaucracy.
Reforms propose shift from generalist to specialist CSS system.
The high-level implementation committee on civil service reforms is sharply divided over the future shape of Pakistan’s bureaucracy, with federal ministers strongly backing the introduction of a specialised recruitment system, while senior bureaucrats, mostly belonging to the Pakistan Administrative Service (PAS), are resisting any major move away from the existing generalist framework.
Sources familiar with the deliberations said the prime minister has been briefed on the internal rift. If consensus remains elusive, the committee is likely to forward two separate and competing sets of recommendations on civil service induction and recruitment for the prime minister’s final decision.
The reform proposals stem from recommendations of the civil service reforms committee headed by Planning Minister Ahsan Iqbal, which had called for a fundamental restructuring of the Central Superior Services (CSS) examination and recruitment process.
According to the committee’s recommendations, which were referred by the cabinet to the implementation committee for preparation of an implementation plan for the reforms, the current generalist model should gradually give way to a specialised recruitment system, either through a cluster-based examination or separate examinations for each occupational group under the CSS framework.
Under the proposed model, candidates would be assessed against clearly defined academic qualifications and subject relevance, with successful candidates posted directly against specific positions rather than being inducted as generalists.
The recommendations draw support from the Pakistan Institute of Development Economics (PIDE) report, which proposed aligning optional subjects with service group preferences. For example, finance-related subjects for the Inland Revenue Service (IRS) and criminology for the Police Service of Pakistan (PSP).
One of the most debated proposals relates to the language of examination. The committee has suggested allowing candidates to attempt selected compulsory papers such as Essay, Precis and Composition, Pakistan Studies, Islamiyat and Current Affairs- in either English or Urdu during the initial phase.
The proposal is backed by the Federal Public Service Commission’s five-year performance report, which identifies English Essay and Pakistan Studies as the highest failure-rate subjects. In the 2022 CSS examination, nearly 99% of candidates failed in both papers, raising serious concerns about whether language proficiency has become a barrier to talent selection.
Sources pointed out that even internationally acclaimed scholars, including Rhodes and Gates scholars, have failed to qualify the CSS examination due to these language constraints.
The committee has further recommended that the option of attempting all CSS subjects in Urdu may eventually be introduced. The reform package also proposes raising the MPT (MCQs-Based Preliminary Test) passing threshold from 33% to 40%, without negative marking. The test may include GRE- or SAT-style questions to better assess analytical and logical reasoning.
To enhance transparency, the committee has recommended developing and publishing objective criteria for written examinations and viva voce, alongside graded psychological and psychometric evaluations.
Another key proposal calls for full digitisation of the CSS examination process, with the aim of reducing the total recruitment cycle to six months or less.
To address persistent shortfalls in provincial and minority quotas — particularly in Balochistan and Sindh — the committee has proposed affirmative measures, including additional attempts for candidates from underrepresented groups.
However, senior PAS officers sitting on the implementation committee, which is also led by Ahsan Iqbal, is opposed to replacing the current Central Allocation System (CAS) and generalist induction model.
They argue that Pakistan’s administrative structure requires officers with broad exposure across sectors, maintaining that the existing system is time-tested and has ensured administrative cohesion since independence.
According to their stance, instead of introducing an entirely new specialised bureaucracy, the present system should be refined and strengthened, warning that excessive specialisation at the entry level could fragment governance and weaken coordination among ministries.
Ministers are of the view that we need more space for domain knowledge experts in the civil service and better promotion prospects for specialists to attract professionals and specialists in civil service. At present, specialist cadres have to wait over 15 years to get promoted, and the majority retire at grade 19 or 20.
The corporate sector inducts professionals and turns them into generalists as they go up the ladder, they said.
Europe has a new ‘space phone line’ and it can hear missions across the solar system (AI-generated)
The European Space Agency has quietly added a major piece to its global space communications network with the inauguration of a new deep space antenna in Western Australia. The structure doesn’t change the missions’ appearance or destination, but it does affect Europe’s ability to hear them. Located near the small town of New Norcia, north of Perth, the antenna is part of ESA’s long-running Estrack network, which supports spacecraft operating far beyond Earth orbit. Its opening reflects a steady rise in the amount of data being sent back from space and a desire to handle that flow without relying too heavily on external partners. For ESA, the antenna represents infrastructure rather than spectacle, but infrastructure that shapes what missions can realistically attempt in the years ahead.
Europe’s latest space phone line can hear spacecraft billions of kilometres away
The new installation, known as New Norcia 3, is a 35-metre-diameter antenna designed to communicate with spacecraft travelling across the solar system. It is the fourth deep space antenna in ESA’s Estrack network and the second located at the New Norcia site. Once it enters service in 2026, it will support a wide range of current missions, including Juice, Solar Orbiter, BepiColombo, Mars Express and Hera. It will also play a role in future projects such as Plato, Envision, Ariel, Ramses and Vigil. The antenna increases the network’s capacity to receive large volumes of scientific data and send commands over very long distances, reducing scheduling pressure on existing ground stations.
Western Australia offers a strategic location
New Norcia sits in a geographical position that allows long tracking windows for deep space missions. Together with ESA’s stations in Spain and Argentina, it helps provide near-continuous coverage as Earth rotates. With the addition of the new antenna, New Norcia becomes ESA’s first ground station equipped with two deep space antennas. The site is operated locally by Australia’s national science agency CSIRO, which also manages NASA’s deep space complex near Canberra. This arrangement reflects a long-standing cooperation between European and Australian space organisations, built around shared technical expertise rather than short-term projects.
Technology built for weak signals and long distances
The antenna is the most technologically advanced deep space antenna ESA has built to date. Some of its components are cryogenically cooled to around minus 263 degrees Celsius, close to absolute zero. This extreme cooling allows the system to detect very faint signals sent from spacecraft millions or billions of kilometres away. For transmitting, a powerful radio frequency amplifier enables commands to be sent reliably across deep space. Advanced timing systems and radio frequency tools help ensure accuracy, which becomes increasingly important as missions operate farther from Earth and generate more complex data streams.
A role in international cooperation
Although the antenna strengthens Europe’s independent capabilities, it is also designed to support international collaboration. Through cross-support agreements, the New Norcia antenna can assist missions operated by agencies such as NASA, Japan’s JAXA and India’s ISRO, as well as selected commercial spacecraft. This shared use can improve efficiency and reduce duplication of infrastructure. ESA officials have described the antenna as a practical asset rather than a symbolic one, but it also signals Europe’s intention to remain a reliable partner in global space exploration.
Investment brings local and industrial benefits
The antenna has an estimated construction cost of 62.3 million euros, which includes upgrades to station buildings and services. The Australian Space Agency contributed three million euros towards the development of the New Norcia station. Construction was led by European industry, with Thales Alenia Space and Schwartz Hautmont as prime contractors, while several Australian companies were involved in on-site work. Australian space officials expect the project to generate long-term economic value and employment over its projected fifty-year lifetime.
New Norcia continues to expand its role
Beyond deep space communications, the New Norcia station supports other aspects of ESA’s activities. Smaller antennas track European launch vehicles as they pass over Australia after lift-off from French Guiana, capturing critical telemetry. The site also hosts a transponder used to calibrate ESA’s Biomass mission, which surveys Earth’s forests. These roles are less visible than deep space missions, but they contribute quietly to the reliability of Europe’s space programme. As more spacecraft travel farther and collect more data, the importance of places like New Norcia is likely to grow without much attention beyond specialist circles.
Blake Lively gushes over Ryan Reynolds amid feud with BFF Taylor Swift
Blake Lively called her husband Ryan Reynolds her “best friend” following her rumored rift with BFF Taylor Swift.
The 38-year-old actress gushed over her husband in a new interview with WWD’s Jenny B. Fine. while promoting her haircare label, Blake Brown Beauty.
When asked if she “talks shop” with the Deadpool actor regarding her business, Blake replied, “We talk shop all the time. We really are partners in everything just because we’re best friends.”
“We talk shop about, like, if I make the coffee I’m like, ‘What did you like about that? What were the details?’ We’re very curious people,” she said of her relationship with Ryan.
The It Ends with Us actress further said, “We become sort of possessed by something that we’re building or creating, something that inspires us.”
“And that could be something very mundane or it can be our work. Our family is something we are eternally trying to figure out how to do better,” continued Blake. “We’re just buddies. We’re partners.”
“Just watching him do what he’s done and how he lives and how he operates,” said the 38-year-old star. “And also he’s been my male tester for all of my fragrances, my formulas, my everything. He’s always stealing them from me.”
“So down to literally being my test strands of hair, to being somebody who I rely on for every facet of the business and my life. Nothing I do is without him,” added Blake.
For those unversed, Blake and Ryan exchanged vows in 2012, and the couple shares four kids – daughters James, 11, Inez, 9, Betty, 6, and son Olin, 2.
Shoaib Malik has been criticised by his former teammates for flouting the ‘age rule’ in HBL PSL X . PHOTO: APP
Shoaib Malik has announced his retirement from the Pakistan Super League (PSL), bringing an end to a playing journey that has run uninterrupted since the tournament’s inception in 2016.
The decision comes ahead of the landmark PSL season 11, marking the close of a decade-long association between one of Pakistan’s most enduring cricketers and its flagship T20 league.
Malik confirmed the news via his social media platforms, reflecting on the memories and relationships built over ten seasons of the PSL.
“I cherish every single moment and friendship I have made on and off the field throughout my 10 years of the Pakistan Super League as a player,” Malik wrote. “It’s time to call it a day. However, my passion and motivation to serve for the betterment of cricket will always stay. Thank you PSL.”
Few players have been as consistent a presence in the league as Malik. From the early days when the PSL was played in the UAE to its growth into a fully home-based tournament, Malik remained a regular feature, representing four franchises during his career — Karachi Kings, Multan Sultans, Peshawar Zalmi and Quetta Gladiators.
His final appearance came for Quetta Gladiators in PSL 10, closing the loop on a career defined by adaptability and longevity.
Statistically, Malik departs as one of the most prolific performers in PSL history. He is the fourth-highest run-scorer in the league, having amassed 2,350 runs in 92 matches at an impressive average of 33.09.
Often deployed in the middle order, Malik was valued for his ability to control innings, finish games and provide balance with his part-time offspin. He also claimed 17 wickets in the tournament, underlining his all-round contribution.
Beyond the PSL, Malik’s broader T20 record further contextualises his impact. He is the sixth-highest run-scorer in T20 cricket overall, with 13,571 runs, including 83 half-centuries, at a strike rate of 127.24 — numbers that speak to both durability and consistency across leagues worldwide.
While Malik’s playing days in the PSL are over, his statement suggests this is not a farewell to cricket altogether.
As the league enters a new era with expansion and structural changes, it does so without one of its most familiar figures — a player whose experience helped bridge generations and whose influence extended well beyond the scorecard.
The tragic fire at Karachi’s Gul Plaza has triggered an outpouring of grief and anger from the country’s entertainment fraternity, with prominent artists questioning official negligence and demanding structural reforms. The blaze, which gutted decades-old family businesses and claimed multiple lives, has once again raised concerns about fire safety, urban regulation and commercial governance in the country’s economic capital.
A massive fire broke out at Gul Plaza on MA Jinnah Road late on Saturday night, around 10:15pm, rapidly engulfing the multi-storey commercial building while it was still occupied by shopkeepers, employees and customers.
The blaze raged for nearly 36 hours, causing large sections of the structure to collapse and trapping dozens inside amid thick smoke and flames. Rescue teams later confirmed extensive structural damage, with nearly 60% of the plaza collapsing, as firefighting and search operations continued under hazardous conditions due to the risk of further collapse.
Celebrities, including Sarwat Gilani, Mahira Khan, Sajal Aly, Hania Aamir and Mishi Khan, took to social media to condemn the incident, express solidarity with affected families and call for accountability.
Gilani described the tragedy as “heartbreaking”, saying the losses were not limited to buildings or merchandise but represented “generations of family businesses wiped out overnight”. She urged the government and civic authorities to move beyond assigning blame, stressing that victims needed swift rehabilitation and financial support.
Aly said watching scenes from the site “broke her heart”, offering condolences to families who lost loved ones in the fire. Mishi released an emotional video after viewing footage from the location, calling the destruction devastating and accusing officials of what she described as “criminal negligence”.
Mahira questioned whether the incident was an accident or the result of “systemic failure”, asking who would be held accountable for the lives lost. She said she had previously visited the building and found its exit routes inadequate, calling for reforms and transparent investigations.
Aamir termed the incident “heart-wrenching”, stating that negligence and institutional indifference had robbed people of their futures. She added that expressions of sympathy alone were insufficient and stressed the need for accountability and strict regulatory enforcement.
Other celebrities, including rapper Eva B and actor Minal Khan, shared personal memories associated with Gul Plaza and lamented Karachi’s deteriorating civic conditions. Minal wrote that Karachi, despite being the country’s economic engine, was treated like an “abandoned orphan”, neglected by both provincial and federal authorities.
Filmmaker Adnan Malik said he had visited the site a month earlier and found the building’s design unsafe and claustrophobic, echoing concerns raised by actor Yashma Gill regarding inadequate fire safety measures and lack of oversight in commercial complexes.
The collective response from the entertainment industry reflected a growing trend of artists speaking out on civic issues, governance failures and public safety. Many noted that while such tragedies often sparked outrage, they frequently faded from public discourse without addressing the structural failures in urban planning and regulation.
U.S. President Donald Trump on Monday confirmed that Russian President Vladimir Putin received an invitation to join his new Board of Peace that will supervise the next phase of the Gaza peace plan.
Trump confirmed Putin’s invitation while speaking to reporters at the College Football National Championship Game in Florida, where Indiana defeated Miami.
President Donald Trump greets Russian President Vladimir Putin as he arrives at Joint Base Elmendorf-Richardson in Anchorage, Alaska. (Andrew Harnik/Getty Images)
The Kremlin said earlier on Monday that Putin had received the invitation, adding that it is now “studying the details” and will seek clarity of “all the nuances” in communications with the U.S. government.
France has also received an invitation but does not plan to join the Board of Peace “at this stage,” a French official close to President Emmanuel Macron said on Monday.
The French official said the issue is raising questions, particularly with regard to respect for the principles and structure of the United Nations.
U.S. President Donald Trump meets Russian President Vladimir Putin in Anchorage, Alaska.(REUTERS/Kevin Lamarque)
Asked at the championship game about Macron being unlikely to join, Trump took jabs at his French counterpart and threatened tariffs for refusing to accept the invitation.
“Well, nobody wants him because he’s going to be out of office very soon,” Trump said of Macron.
“I’ll put a 200% tariff on his wines and champagnes, and he’ll join,” he added. “But he doesn’t have to join.”
The policy designed by the government of India provides enhanced medical protection to its employees at premium discounts.
The policy contains multiple beneficial add-ons. (Photo Credit: X)
Paripoorna Mediclaim Ayush Bima is a newly launched Indian government-backed optional health insurance plan for Central Government Health Scheme (CGHS) beneficiaries. Introduced on January 14, Paripoorna Mediclaim Ayush Bima issues a wonderful insurance policy to central government employees, providing beneficiaries access to modern treatments at a range of quality hospitals in a cashless medium.
The policy is a retail product available to these central government employees. It can be signed up for coverage in the brackets of Rs 10 lakh and Rs 20 lakh. The Paripoorna Mediclaim Ayush Bima gives employees the option to get an individual or a family floater plan. With the latter, employees can add up to six members per policy.
According to the government of India, the insurance policy will be made available for purchase at the employees’ respective offices. It will also be accessible online via the New India Assurance Company Limited, which is the central government’s own general insurance company.
Eligibility
The eligible bracket includes central government employees and pensioners, and their eligible dependent family members. The Paripoorna Mediclaim Ayush Bima’s optional insurance policy complements the existing health schemes for these CGHS beneficiaries. A CGHS beneficiary has the option of choosing a coverage plan of either Rs 10 lakh or Rs 20 lakh, depending on which the premium will be determined.
Co-Payment And Discount
The policy also gives the CGHS beneficiaries a co-payment facility, allowing them to divide the hospitalisation expenses among the subscribers and the insurer in both a 70:30 and 50:50 ratio. When availing this facility, the beneficiary enjoys a premium discount of 28 per cent in the 70-30 model and 42 per cent for the 50-50 one.
Additionally, beneficiaries may also get a cumulative bonus in the Paripoorna Mediclaim Ayush Bima. This bonus is issued to them for every claim-free year, wherein the sum insured jumps up by 10 per cent at no additional cost.
The policy signals the central government’s sustained efforts to prioritise employee welfare. Another attempt has been made to give employees enhanced medical protection through access to modern treatments at premium discounts.
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Timothy Busfield to be wiped from Amazon movie amid abuse allegations
Timothy Busfield will be digitally removed from Amazon Studios’ upcoming film following charges filed against the Emmy-winning actor.
Busfield had already wrapped filming before the allegations surfaced.
The studio assured the project moves forward without being overshadowed by his legal troubles.
It confirmed that Busfield’s completed scenes in upcoming romantic comedy You Deserve Each Other will be reworked using visual effects to replace him with another performer, as per Deadline Hollywood.
While the studio has not yet disclosed who will step into Busfield’s role insiders suggest Amazon is determined to protect Penn Badgley and Meghann Fahy-starrer’s release schedule and public reception.
Busfield is widely recognized for his roles in Thirtysomething, The West Wing, and Field of Dreams.
Busfield who has decades-long career which spanned television, film, and theatre is facing serious legal trouble.
Earlier this month, Busfield was charged in New Mexico with two counts of criminal sexual contact of a minor and one count of child abuse, as per warrant accessed by Entertainment Weekly.
The allegations stem from Busfield’s time as an executive producer on Fox’s The Cleaning Lady.
The mother of twin boys who worked on the series claimed her sons were “groomed” between 2022 and 2024 on set.
A doctor at the University of New Mexico Hospital first requested an investigation in November 2024 leading to Busfield’s arrest warrant.
He surrendered to authorities four days later and has maintained his innocence.
Though he has yet to enter a formal plea.
Since the charges surfaced, Busfield’s career has unraveled quickly.
His agency dropped him immediately after his first court appearance, and NBC pulled a Law & Order: SVU episode featuring him from its January schedule.
He was later accused of sexual abuse by another minor further intensifying scrutiny.
An artificial increase in the prices of wheat and flour has prompted the government to initiate action against 218 employees of the Food Department, including officers.
Sources told that preliminary report in 154 cases had been presented to the senior officials while investigation in 64 cases was ongoing.
They informed that these employees allegedly had a role in an increase in the prices of wheat and flour.
Sources elaborated that action had been initiated against 19 officers and other employees in Lahore.
The department has made it clear that there is zero tolerance for the non-provision of wheat and flour and those employees who are responsible for that will face the music.
