Imran bhai, it has to work two ways.
We extend hand to Israel, they wont extend hand to us. We have nothing to gain from a bilateral relationship with Israel other than civilian technology and service exchange; but with that as well you open door for MOSSAD, CIA and RAW intelligence to exploit.
Israel has better relations with India and USA, it would not prefer Pakistan over India. We would also risk our relationship with Middle Eastern countries like Saudi Arabia, as well as Turkey and Iran. Is that really all worth a useless exploitable relationship with Israel?
Less to do with recognition, and more to do with geopolitics and national interests.