Karachi: The KSE-100 index witnessed a significant downturn, closing at 151,973 points, reflecting a decrease of 16,089 points from the previous day. Trading volumes reached 810 million shares, compared to 536 million shares in the prior session. The index has fallen below the 200-day moving average (DMA), with resistance now expected at the 156,117 level. Analysts suggest that a rise above this benchmark could stabilize the bearish sentiment, while a drop below 151,748 points may lead to further declines.

According to JS Global, technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending downwards, reinforcing the bearish outlook. The report advises caution at the current index level, with support and resistance identified at 149,371 and 156,952 points, respectively. For Habib Bank Limited (HBL), the 200-DMA provides crucial support, with a recommended strategy of 'buy on dips' targeting Rs293.30 and Rs301.84, and a stop-loss set at Rs271.54. Similarly, for Bank of Punjab (BOP), the strategy suggests 'buy on dips' with targets of Rs29.70 and Rs30.78, and a stop-loss at Rs26.27.