Karachi: The KSE-100 index saw another downturn, closing at 112,030, a decrease of 1,490 points from the previous day. Trading volumes increased to 518 million shares from 494 million shares in the previous session. The index is poised to test its support at 111,435, with a potential drop targeting the 50-day moving average (DMA) at 110,003. Resistance on any upward movement is expected at the 30-DMA, currently at 113,857. Investors are advised to exercise caution.

According to a statement by JS Global, momentum indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are displaying signs of weakness, reinforcing a negative outlook. The index's support and resistance levels are set at 111,095 and 113,305, respectively.

In related market activity, Pakistan Petroleum Limited (PPL) is expected to continue its downward trend, with a recommendation to 'sell on strength'. Target prices are set at Rs170.51 and Rs165.19, with a stop-loss at Rs179.00. Meanwhile, Habib Bank Limited (HBL) shows price stabilization, suggesting a strategy to 'buy on dips' with target levels of Rs176.96 and Rs180.09, and a stop-loss at Rs171.50.