Karachi: The KSE-100 index has extended its decline, closing at 147,494, down 941 points from the previous day. Trading volumes saw an increase, reaching 857 million shares compared to 665 million previously. Analysts caution that if this downtrend persists, the index could fall further to an initial target of 146,057, with potential to reach the 30-day moving average at 143,494. Resistance is expected between 148,020 and 148,710, as technical indicators suggest a corrective phase. Investors are advised to remain cautious at current levels, with support and resistance noted at 146,808 and 148,709, respectively.

In other market movements, Pakistan State Oil (PSO) is expected to consolidate, with a recommended strategy of buying on dips. The targets are set at Rs404.70 and Rs409.54, with a stop-loss at Rs397.05.

Pakistan Petroleum Limited (PPL) presents limited downside risk, with a similar 'buy on dips' strategy. Targets for PPL are Rs179.00 and Rs182.69, while the stop-loss is placed at Rs174.01.