4) Energy & Power: Policy > Profits
Energy earnings are often regulated, but rates still matter because:
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Working capital financing costs rise.
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Receivables duration becomes expensive.
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Tariff adjustments lag funding stress.
During tight cycles, PSX discounts energy names even with stable profits. Relief comes after rate expectations turn.
5) Fertilizers: Cost Curves Meet Rates
Fertilizer demand is resilient, but margins are rate-sensitive through:
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