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Reserves rose from ~$4.5B to ~$8.2B
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Rupee stabilized
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KSE-100 posted historic single-day and quarterly gains
But even here:
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Gains concentrated in select sectors
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Volatility remained elevated
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Structural issues persisted
7️⃣ The Core Lesson for PSX Investors
IMF programs:
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Reduce downside risk
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Do not create growth engines
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Buy time — not prosperity
Markets rally because collapse is avoided, not because earnings explode.
This distinction matters.
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