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Foreign risk appetite
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Valuation multiples
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Timing of rallies and pauses
This is why copper weakness often coincides with consolidation on PSX—even when local fundamentals haven’t deteriorated.
Oil & Gas: Where PSX Gets Real Cash Flow
If copper is sentiment, oil & gas is substance.
Pakistan’s energy sector sits at the heart of PSX earnings because upstream companies generate:
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Dollar-linked revenue
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Hard cash flows
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Sovereign-adjacent balance sheets
Two names dominate this space:
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Oil & Gas Development Company
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Mari Petroleum
Why Oil Prices Alone Don’t Explain Earnings
A common mistake is assuming higher oil prices automatically mean higher profits. In Pakistan, earnings depend on:
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