Karachi: The KSE-100 index faced a substantial downturn during the latest trading session, as it opened on a negative note and remained under pressure throughout the day. The index fell to an intraday low of 1,992 points before closing 1,581 points lower at 176,043. Market participation also saw a significant decline, with trading volumes dropping by approximately 60% compared to the previous session.

According to AKD Securities Limited, the technical analysis shows that the KSE-100 index closed 36.2% above the lower Bollinger Band, while the bands are 6.55% wider than usual, indicating slightly elevated market volatility. The Moving Average Convergence Divergence (MACD) indicator continues to show a bearish bias, trading below its signal line after a negative crossover 14 sessions ago. Since the index fell below its moving average, it has declined by 2.88%, fluctuating within a range of 169,513 to 183,478, highlighting the continuation of the current corrective trend.

From a technical standpoint, immediate support is identified at 175,500, and a breach below this level could further extend the decline towards 174,200 and 173,500. Conversely, resistance is expected around 176,800, followed by 178,000 and 179,100. It is recommended for investors to accumulate positions with risk defined below the support zone.