Consolidation witnessed at the PSX after big gains in the previous session. The KSE100 index lost 198.92 (-0.49%) points to settle at 40,281.

Trading began on a positive note this Wednesday morning with the index seeing highs of 40,914 before retracting. Near midday a reverse in the trend could be seen with the index entering negative territory by lunch time.

Technical indicators point that some pressure could be observed at the level of 41,000 hence this session can be largely attributed to consolidation.

Upbeat announcements by the Prime Minister yesterday in relation to energy concessions to be provided to the industry was largely the reason for a turn in sentiment at the exchange. The previous week saw massive losses in the last few sessions however the market at large seems to have stabilized in this ongoing week.

Stock exchanges across the globe have been trading with considerable volatility in view of the ongoing election in the United States. Donald Trump, the republican candidate, has declared victory before complete counting of all ballots which added fuel to uncertainty.

At closing 209 companies were in the red with 143 scrips closing in the green. 13 symbols remained unchanged.

Market participation for the KSE100 Index increased to 234M from 229M in the previous session (+2.18% on d/d basis). Major contribution to total market volume came from UNITY, FFL and HASCOL taking a total of 112M shares out of the total market volume of 428M shares.