Karachi: The KSE-100 Index of the Karachi Stock Exchange experienced a bearish trading session, as it closed with a significant loss of 907 points at 165,267. The trading session, which began on a positive note, encountered persistent selling pressure throughout the day.

The index saw an intraday high of 773 points and a low of 1,064 points. Market participation showed signs of weakening, with trading volumes decreasing by 12% compared to the previous session. Despite the downturn, the Moving Average Convergence Divergence (MACD) indicator maintained its position in bullish territory, continuing to trade above its signal line. The MACD crossover, which occurred eight sessions ago, has seen the index gain 1.85%, fluctuating within a range of 169,989 to 159,901.

The technical analysis suggests immediate support at the 165,100 level. A breach below this could lead to further declines towards 164,500 and 163,800. On the upside, resistance is identified at 166,000, followed by 166,700 and 167,400. Investors are advised to consider accumulating on dips, while keeping the risk defined below the support area.

This assessment is based on the latest analysis provided by AKD Securities Limited.