5️⃣ Index Concentration: PSX Is Not the Economy
From the Top-10 Market Cap image you shared:
📌 Reality Check
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Banks, Oil & Gas, Fertilizer dominate
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Very little:
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Technology
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Consumer discretionary
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Manufacturing depth
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So when people say “PSX is cheap”, they are really saying:
“A handful of policy-linked sectors are priced conservatively.”
That’s very different from broad-based undervaluation.
6️⃣ Macro Overlay: Trade Deficit Still Matters
From PBS / Arif Habib data you shared:
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