The week ended on 22nd November 2019 can be termed a volatile one for Pakistan Stock Exchange (PSX). The benchmark index touched a low of 37,101 and a high of 38,564, but finally closed at 37,926 level. The market was driven by expectations surrounding monetary policy and current account position. Pakistan posted US$99 million current account surplus in October 2019. Expectations of rate cut dampened soon as the latest T-Bills auction witnessed a marginal uptick in yields. Average daily trading volume rose to 330.9 million shares, from 311.2 million shares in the earlier week. Top volume leaders included: BOP, KEL, PAEL, TRG and FCCL. Top performers included: GWLC, EFERT, HUBC, FFC, and PSO, while laggards were: CHCC, FFBL, FCEPL, PSMC and MLCF.
Amongst major sectors, a pullback was witnessed in Automobile and related sectors, followed by Power (up 3.1% on possible issuance of power Sukuk for resolution of circular debt after getting approval for increase in Government guarantee limit by the IMF) and Fertilizers. Inflows from Foreigners together with net buy of Individuals absorbed selling by Banks, Insurance and Others.