Karachi: The KSE-100 index faced a notable downturn, sliding towards its 20-day Simple Moving Average (SMA) as market pressures persisted throughout the session. The index opened on a weak note, fluctuated between an intraday high of 732 points and a low of 2,120 points, and ultimately fell by 1,433 points to close at 163,098.

Trading volumes saw a 13% decrease from the previous session, indicating a slowdown in market activity. The Moving Average Convergence Divergence (MACD) has turned bearish, now trading below its signal line. The bearish crossover in the previous session preceded a 0.87% decline in the index, which varied between a high of 166,730 and a low of 162,411.

From a technical perspective, immediate support is identified at 161,900. A breach below this level may lead to further declines towards 161,200 and 160,500. Conversely, resistance is projected at 163,500, followed by 164,100 and 164,800.

Traders are urged to exercise caution and consider accumulating positions during periods of weakness, as advised by AKD Securities Limited.