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Stocks cross 42,000 level in early trading
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

Stocks cross 42,000 level in early trading

KARACHI: The Pakistan Stock Exchange (PSX) continued its upward rally on the last trading day as the benchmark 100-index gained 180 points to reach 42089 level in early trading.

Yesterday, bulls took centre stage at the PSX for 11th consecutive session on the back of prevailing positive momentum and higher oil prices, which led the market to gain another 364 points and close at 41908.71 points.

Market opened positive and touched a high of 451 points as institutional participation was witnessed mainly in the main board stocks. Market remained positive throughout the day and closed in green zone.

Top 5 index point contributors were UBL (up 4.3%), HBL (2.1%), LUCK (2.8%), OGDC (1.2%) & SEARL (5%) that contributed 233 points to the index gain whereas decliners included COLG (down 4.7%), SNGP (2.1%), DGKC (0.9%), CHCC (2%) and BAHL (0.5%), withholding 41 points from the index.

Sector-wise, commercial banks added 155 points and E&Ps 36 points while oil & gas marketing withheld 20 points. Overall volumes stood at 222m shares and in value trades stood at $78m.