Karachi: The KSE-100 index experienced a significant decline, closing at 173,636, a drop of 1,693 points. This downturn in the market was accompanied by decreased trading volumes, with 679 million shares changing hands compared to 874 million shares in the previous session.

According to JS Global, if the declining trend continues, the KSE-100 index may initially target 172,259, with the potential to extend to the 200-day moving average at 171,907. Conversely, any upward movement is expected to encounter resistance between 174,200 and 175,350 levels. A breakthrough above this resistance range could aim for the 30-day moving average at 177,507. Technical indicators like the RSI and MACD are also indicating a negative outlook. Investors are advised to exercise caution at current levels, with support and resistance at 173,042 and 174,792, respectively.

In sector-specific updates, PSO is seeing its moving averages potentially limit downside, with a 'buy on dips' strategy targeting prices of Rs364.64 and Rs369.67, and a stop-loss set at Rs354.18. Meanwhile, UBL is approaching a key support range, with a strategy to 'buy on dips' targeting Rs435.87 and Rs440.86, with a stop-loss at Rs421.00.