Karachi: The KSE-100 index in Pakistan experienced a decline, closing at 165,966 points, marking a decrease of 454 points from the previous day. Trading volumes remained low, with 371 million shares exchanged compared to 397 million shares in the last session. The market is expected to continue its consolidation phase, testing support levels at 165,918, with potential further declines if it breaches this point.

According to JS Global, the KSE-100 index could see further drops to 164,060 or even 162,049 if the support level is broken. Conversely, any upward movement will encounter resistance between 166,200 and 166,980, with a potential target of 168,782 if it surpasses this range. Momentum indicators remain mixed, suggesting no clear trading direction at present. Investors are advised to exercise caution and consider waiting for price dips before making investment decisions. Key support and resistance levels are identified at 165,690 and 166,470, respectively.

In related market developments, PSO is expected to maintain a steady uptrend, with a strategy of 'buy on dips' targeting prices of Rs373.80 and Rs378.79, and a stop loss set at Rs363.17. Meanwhile, HCAR's price has stabilized, and a recovery is anticipated. The recommendation is also to 'buy on dips,' aiming for target prices of Rs202.80 and Rs205.96, with a stop loss at Rs199.05.