Karachi, The KSE-100 index experienced a notable decline, failing to hold its intraday high and closing down by 1,048 points at 71,695.

According to JS Global, trading volume increased to 613 million shares from 541 million in the previous session, highlighting heightened market activity amid the downturn.

The market's inability to sustain its earlier gains has set a cautious tone among investors. Technical analysis suggests that the index might revisit and potentially drop below its recent low of 71,603, which could lead to further corrective movements with potential lower targets at 71,127 and 70,536. Conversely, any recovery attempts are expected to encounter resistance between 72,200 and 72,800, with a more significant barrier at 73,300.

Indicators such as the Relative Strength Index (RSI) and Stochastic Oscillator support the likelihood of a continued downward trend, advising investors to remain cautious under current market conditions. The established support and resistance levels are marked at 71,098 and 72,200, respectively.