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ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday gained nearly 3,000 points to close the week at an all-time high, with analysts attributing the bull run to warming United States-Pakistan relations and hopes of an International Monetary Fund (IMF) loan tranche release.

The benchmark KSE-100 index at the PSX gained 2,976 points, or 1.87 percent, to close the weekend trading session at 162,257 points, compared to the previous day’s close of 159,280 points.

Ties have improved between the US and Pakistan as Washington’s relationship with New Delhi has soured over India’s increased purchases of discounted Russian oil amid Ukraine war.

President Donald Trump this year raised tariffs on India for those oil purchases, while the US and Pakistan reached a landmark trade deal in July to allow Washington to help develop Pakistan’s largely untapped oil reserves and lower tariffs for Islamabad.

“Stocks closed new all-time high as investors weigh warming Pakistan-US relations and resolve [to end] over Rs1.225 trillion circular debt,” Ahsan Mehanti of Karachi-based Arif Habib Commodities told Arab News.

“Expected release of $1 billion IMF tranche next month, rupee gains and FDI (Foreign Direct Investment) inflows following Pakistan-Saudi defense pact played a catalyst role in bullish close at PSX.”

An IMF mission has arrived in Pakistan to hold the second review of its $7 billion External Fund Facility (EFF) and first review of the $1.4 billion Resilience and Sustainability Facility (RSF) loan programs for the country, an official of the global lender confirmed on Thursday.

The IMF approved the $7 billion bailout package for Pakistan in September last year. In May 2025, it approved a separate $1.4 billion loan to Pakistan under its climate resilience fund. Islamabad has so far received more than $2 billion under the EFF and is expecting a third tranche of $1 billion after the second review concludes successfully.

Separately, Pakistan signed a ‘Strategic Mutual Defense Agreement’ with �������� this month, pledging that aggression against one country would be treated as an attack on both, a move that will enhance joint deterrence and strengthen decades of military and security cooperation. Many analysts believe the defense pact is also likely to open new avenues of economic cooperation between the two nations.

KARACHI: An anti-terrorism court in Karachi sentenced a man to multiple life terms on Thursday for illegally entering Pakistan, maintaining contact with intelligence agency RAW and possessing explosives and firearms, according to court documents seen by Arab News.

The case comes against the backdrop of longstanding accusations that India’s Research and Analysis Wing (RAW) sponsors militancy and espionage on Pakistani soil, a charge New Delhi denies. The most high-profile case was that of Kulbhushan Jadhav, a former Indian naval officer arrested in 2016 and sentenced to death by a Pakistani military court for alleged espionage. India disputes the conviction and has challenged it at the International Court of Justice.

Muhammad Saleem, who prosecutors said crossed into Pakistan illegally from India in 1989 and later obtained Pakistani identity documents, was arrested in October 2024 in Karachi’s Mauripur area. Police said they recovered a hand grenade with a detonator, a bomb launcher, a pistol with 10 live rounds and two Pakistani passports from his possession.

It was unclear if the man was an India national before 1989 and whether he still held Indian nationality. Anila Malik, the prosecutor of the case, said the prosecution proved that Saleem had illegally entered Pakistan, but his nationality was not discussed during the hearings. The court has also not used the word Indian national or Indian in its court order.

Judge Zeeshan Akhter Khan of Anti-Terrorism Court-XV wrote in the judgment that the prosecution had “successfully proved its case against the accused,” concluding that Saleem had been “caught red-handed” with explosives and weapons.

The court said testimony from police officers, forensic reports, and the Bomb Disposal Unit’s findings proved Saleem was planning attacks.

“There is no element of doubt in the present case,” the judgment said, adding that police statements were “confidence-inspiring” and supported by physical evidence and expert analysis.

Saleem, who told the court he was a social worker and denied working for RAW, argued that the case was fabricated and that the weapons were planted on him. He said in a recorded statement that “no document is on record to show that he is agent of RAW and all the articles were foisted upon him.”

The court rejected his defense, citing unexplained travel to India in 2012, 2013 and 2014.

The court sentenced Saleem to three life terms under sections 121-A and 122 of the Pakistan Penal Code, which relate to waging war against the state and collecting arms with the intent to wage war, as well as under section 4 of the Explosive Substances Act.

He was also handed 10 years under section 5 of the same act, 14 years under section 7 of the Anti-Terrorism Act — which addresses acts intended to spread terror — and 10 years under the Sindh Arms Act. All sentences will run concurrently.

Saleem, who had been on bail, was taken into custody and remanded to Karachi Central Prison after the sentencing. The court informed him of his right to appeal before the Sindh High Court.