Pakistan stock market's extraordinary rally from around 40,000 to beyond 180,000 in 2.5 years from June 2023 to January 2026 reflected improving fundamentals (from low 3.5x price-to-earnings (P/E), liquidity (rate cut from 22% to 11.5%), sentiment and diplomatic goodwill. Much good news arrived – and was priced in remarkably quickly. After roughly eight frustrating months, investors are questionin