KARACHI - Record-breaking upward momentum continued at the Pakistan Stock Exchange on Friday as the main index flirted with the psychological milestone of 40,000 points for the first time in history but pared early gains towards the end, which forced it to close below the crucial level.

The index, which closed at yet another record high of 39907.64 points after gaining 46 points, was mainly led by oil stocks, brokers said.

Positivity prevailed in the market as the index rallied to make an intra-day high of 221 points but came under selling pressure during the latter hours of the second trading session to close at 39,907 points level, dealers said.

E&P and banking sector led the gains in the market. PPL (up 2.38%), POL (0.72%) and OGDC (1.12%) gained in the E&P sector, as crude oil prices comfortably traded above its previous day close for most part of the day. UBL (0.39%) and MCB (up 1.03%) led the rally in the banking sector. ISL (up 0.39%) gained to close in the green zone as the company declared its result for the FY16. In its financial result, company declared EPS of Rs2.71/share with a full year dividend of Rs1.25/share, stated analyst Nabeel Haroon at JS Global.

Volumes decreased by 28% to 277m shares while value also decreased by 9% to Rs 12b/$115m.

KEL led the volumes with 56m shares traded as stock declined by 1.1%. Out of 394 active stocks, 202 closed in advance, 170 in decline while 22 remained unchanged. Rising global crude led local oil stocks to gain interest as POL, PPL and OGDC gained by 0.6%-2.5%, dealers said.