Monthly Review - January

The Index closed the month at 31298 down 1518pts or 4.6pc. Average volumes were 128mln shares down 13pc from last month while value traded was Rs.7.4bln down 7.5pc. Foreign outflow during the month clocked in at USD50 mln up from USD 34mln last month. Regional market turbulence and weak crude oil prices were responsible for the poor performance at the PSX. The market seemed hard pressed to find any significant fundamental reason to rally. POL was hard hit by crude weakness and HBL suffered from outflows. The only noteworthy performers this month were GHNI and CSAP going up by 26pc and 8.4pc .JSCL, TRG, HBL, POL were the laggards losing 21, 23, 14 and 20pc.