Karachi: The Karachi Stock Exchange (KSE-100) index extended its downward trajectory, reflecting a decline in investor sentiment and trading volumes. The index dropped by 147 points, closing at 77,740, with trading volumes reducing significantly from the previous session.

According to JS Global, the trading activity saw a sharp decrease to 279 million shares, down from 383 million shares. The technical outlook suggests a continuation of the current downtrend, with an initial target at the 50-day moving average (DMA) of 77,403. A fall below this level might lead to a more extensive corrective trend in the market. Conversely, any recovery attempts are likely to encounter resistance between 77,850 and 78,250, with additional resistance noted at the 30-DMA of 79,182.

The report further highlights that both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are trending downwards, which supports a bearish perspective for the near term. Given these conditions, JS Global advises investors to exercise caution, with key support and resistance levels identified at 77,477 and 78,122, respectively.