Karachi: The KSE-100 index experienced a notable decline on the trading day, closing 1,525 points lower at 168,954, amid reduced market participation. Trading volumes saw a drop of approximately 21% compared to the previous session, as the index opened on a negative note and remained under pressure throughout the day.

According to AKD Securities Limited, the index reached an intraday low of 2,047 points. From a technical perspective, the KSE-100 closed 49.2% below the upper Bollinger Band, with the bands being 25.67% narrower than their usual range. Over the last 50 trading sessions, the market recorded 22 bullish and 28 bearish candles, resulting in a net of six negative closes. Despite the recent weakness, the MACD indicator remains in bullish territory, trading above its signal line after a crossover six sessions ago. Since this crossover, the index has declined by 2.88%, fluctuating within a range of 168,432 to 174,172.

Technical analysis indicates the immediate support level at 168,900, with potential further declines to 168,100 and 167,500 if breached. Resistance is anticipated around 169,500, followed by 170,500 and 171,200. Accumulating positions with risk defined below the support zone is advised.