📉 Cumulative 1HFY26 Trade Deficit
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USD 19.2bn
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+34.6% YoY
Exports remain structurally weak.
Imports are sticky.
This keeps:
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FX risk alive
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Rate cuts cautious
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Valuation expansion capped
Markets know this — and price accordingly.
7️⃣ Capital Cycle Insight (2026 Is Different)
The quote you shared from StockCompounder matters more than any ratio:
“Shift from aggressive growth to capital preservation.”
This is the phase PSX is entering.
In such phases:
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Multiples stay compressed
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Dividends matter more than growth
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Cash flow > narratives
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Stock selection > index bets









































