6️⃣ Macro Overlay: Trade Deficit Still Matters
From PBS / Arif Habib data you shared:
📉 Cumulative 1HFY26 Trade Deficit
-
USD 19.2bn
-
+34.6% YoY
Exports remain structurally weak.
Imports are sticky.
This keeps:
-
FX risk alive
-
Rate cuts cautious
-
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:
