Karachi: The Karachi Stock Exchange (KSE) witnessed a significant upward trajectory as the KSE-100 Index continued its ascent, gaining 2,977 points to close at 162,257. This development occurred despite a 36% drop in trading volumes compared to the previous session.

The market started the day on a steady note, maintaining its upward drive and reaching an intraday peak of 3,142 points. The Moving Average Convergence Divergence (MACD) indicator turned bullish, crossing above its signal line, which further fueled the positive sentiment. Throughout the session, the index fluctuated between a high of 162,422 and a low of 159,902.

Technical analysis indicates immediate support at the 161,800 mark. A breach below this threshold could lead to further declines, with potential downside targets at 161,200 and 160,800. On the upside, resistance is expected at 162,500, with additional challenges at 163,100 and 164,000. Market strategists suggest accumulating positions near the defined support zone, with caution advised for risks below this level.

These insights, sourced from AKD Securities Limited, highlight the ongoing volatility and opportunities within the market.