Wildly fluctuating on the back of external factors (attacks on Saudi oil facility and likely disruption in global crude supplies) and expectations of a peaking monetary cycle, the benchmark index of Pakistan Stock Exchange closed at 32,111 points; up 2.1%WoW for the week ended 20th September 2019. A slew of major earnings announcements accompanied by corporate actions played a large part in the firming up of investors’ confidence. Key news flows driving sentiments included: 1) current account deficit for 2MFY20 declining to US$1.29 billion from US$2.85 billion for 2MFY18, which was in line with a 31% decline to US$13.58 billion for FY19, from US$19.8 billion a year ago, 2) FBR conveying to the visiting IMF team that the revenue collection will be above the desired target, 3) State Bank of Pakistan picking up Rs274 billion through 3, 5 and 10 years bond with cut off yields declining across the board and 4) Policy Board of Securities & Exchange Commission of Pakistan approving amendments in the Regulations for the Exchange Traded Funds, which have been revamped to add flexibility for fund managers to appoint separate intermediaries for performing the functions of market maker and authorized participant. Volume leaders for the week included: MLCF, PAEL, LOTCHEM, KEL and WTL. Average daily trading volume for the week declined to 127.53 million shares from 129.53 million shares, down 1.3%WoW. Top performers included: EFOODS, EFERT, APL, ASTL and FFC, whereas laggards were: MLCF, HASCOL, PIOC, FFBL and PAEL. Important earnings announcements over the coming week include PSO and PPL, while the squaring of future interest in the month’s last week could fuel market activity. Additionally, developments on the international stage could sway sentiments.