The 10th day of the war began with a development that may shape the trajectory of the conflict more than any exchange on the battlefield. Early on Monday, Iran’s Assembly of Experts selected Ayatollah Mojtaba Khamenei as the country’s new supreme leader. The transition that happened without any disruption signalled both institutional continuity and a consolidation of authority at a time when Iran remains under sustained military pressure. Within Iran, the appointment was immediately endorsed by the revolutionary core and the political and military elite that publicly pledged allegiance, while state media framed the succession as a stabilising step that ensured the continuity of the political system despite the wartime environment, and there were no signs of unrest in cities, suggesting public acceptance as well. The acceptance of the new supreme leader extended beyond Iran’s borders as well, particularly among actors aligned with Tehran’s regional network of allies in Lebanon, Iraq and Yemen who moved quickly...
Pakistan’s benchmark KSE-100 index plummeted 11,015.96 points on Monday, closing deep in the red. The decline of 6.99 per cent from the previous close of 157,496.10 points dragged the index down to 146,480.14 points by the closing bell. At close, trading volume stood at 378,012,095 shares, with a total value of Rs33,004,278,586. The market’s heaviest movers were led by K-Electric Limited, which tumbled 7.81pc to Rs7.20 on 127,469,387 shares. First National Equities Limited saw a sharper drop, plunging 12.21pc to Rs1.15 on 33,608,420 shares, while The Bank of Punjab slumped 10.01pc to Rs25.45 on 33,386,862 shares. Trading was temporarily halted around 9:20am after the index dropped 9,780.15 points, prompting a market suspension. A notice from the Pakistan Stock Exchange said the halt was triggered when the KSE-30 index fell 5pc from the previous day’s close. In accordance with PSX regulations, all equity-based markets were suspended. When trading resumed, the index fell further, recording a decline of 13,157.6...