Pakistan, Oct. 4 -- 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 a depressed base rather than a classic bubble. The difference matters because it changes how you size risk, what you buy, and when you hedge. The latest tape says momentum is still with the bulls, with the index climbing to new highs on the back of improving fundamentals. That's not a meme squeeze-it's a market digesting improved macro, lower rates, and b...