When the first discounted Russian crude shipment arrived in Karachi in 2023, it was billed as the dawn of a new energy paradigm for Pakistan. The tanker’s silhouette against the port cranes made for striking optics. A beleaguered economy seeking relief where few expected it. Back then, Islamabad was scrambling to ease a balance-of-payments crunch […]
Gamble
Bulls, Bubbles & Pakistan’s Stock Exchange Gamble
Investors love a simple label. When prices rip higher, it’s either a “supercycle” or a “bubble.” Pakistan’s stock market doesn’t fit neatly into either box. The PSX’s surge has been extraordinary-new all-time highs, strong winning streaks, and an index perched near unprecedented levels-but the underlying economics, earnings math, and valuations point to a rerating off […]