Karachi: The KSE-100 index experienced a downturn, closing at 176,846, a decrease of 1,109 points. Trading volumes fell to 788 million shares, down from the previous 1,038 million. The index's movement suggests further testing of support levels, with technical indicators pointing towards a continuation of the bearish trend.

According to JS Global, the KSE-100 index is expected to challenge the support level at 176,638, with potential declines targeting 174,416. Resistance is anticipated between 177,860 and 178,150, and surpassing this range could alter the bearish outlook. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are declining, reinforcing the negative sentiment. Investors are advised to exercise caution, with support and resistance marked at 176,009 and 178,313, respectively.

The report also highlights individual stock strategies, suggesting a 'buy on dips' approach for ISL and PPL. For ISL, targets are set at Rs100.49 and Rs105.61 with a stop loss at Rs91.10. PPL is trading above key averages with targets of Rs238.34 and Rs244.81, with a stop loss at Rs230.68.